Yesterday it was the biggest short squezze since december 2020 with a total short liquidation volume of 16,100 BTC! That's huge! However, we just did a progress of 1,300 in price at BTC. How is that possible? Because of big distribution! On Coinbase we can see
BTC ETH FSN
they triggered every single sell order to the upside between 19.3k to our current price level and now waiting with big volume between 20.8k and 21k. That also explains Coinbase strange negative spot CVD. I'm still convinced, the "fake" rally was triggered by OTC, confimed by
the network activity chart vs CEX activity chart. If so, is someone just distributing. Also confirmed by the big amount of stablecoin outflows registered since yesterday. Imo they will maintain the current price action a bit more until tomorrow. I'm bearish and don't see any big
change tbh. Gamma walls also confirming my expectations. Top is in and from here hold and then down again heading 20k - 20.25k. Then we need to see. Imo the whole op was a distirbution and short liquidation op. Now collect longs as next phase.
Folks I will reply tonight. Preparing my flight today to my father again. I will try to provide the daily analysis today but will pause the billing on Substack again. I will tweet, but can't record everything with my laptop. Anyway, saturday I will be back and next week I will
provide the daily analysis as usual.
This post is based on this twitter thread.