Iván Paz, CEO of Trading Different, He shared with Cointelegraph en Español his impressions of the current crypto market, leaving his analysis based on the current behavior of the main cryptocurrency, Bitcoin.
First of all, Paz highlighted that through the Liquidation Pools, it could be seen that new liquidity was being generated (part above), converging the new 25x pools with the 10x pools. While in the lower part there were no highly concentrated areas of liquidity, since there are still no highly charged Pools due to the high volatility that has also allowed us to visualize a “interesting area” at the level of 23,650 USD.
“This area is important to take into account, since all the chartists are considering a bullish pennant, and as we already know, the manipulation will try to prevent the retailer from winning. Therefore, by visualizing that probability, we could see a long sell-off first.”explained Iván Paz.
“In the lowest zone, for USD 22,300 we have a more charged Pool, that zone was left with a lot of liquidity. But if we see the price approaching that area, we would already be moving back into the 22,000-20,000k USD trading range. Therefore, it would not be wise to rush to find long positions, since you will liquidate everyone first.”he added.
Having said that, Paz also clarified that considering the previous premise, there are also 10x Pools up to USD 20,000, which would imply cutting this small upward trend of price recovery, and lateralizing the range again for a while longer.
Likewise, in the upper part, he detailed peace, the 25x and 10x Pools would serve as the way to find the new leveraged shorts at 5x. With the possibility of seeing the price above 27,000 USD.
“This would be the most likely scenario, after seeing that the pennant chartists are liquidated”said.
In this sense, he stated that if this bullish continuation occurs, we could begin to see the closing of positions in Long by Bitfinex.
“I estimate that their average entry price is close to $26,000, so they should start reducing their exposure to the market. They have been trapped in long positions for more than 1 year… We are 450 days away from the next halving, many things can still happen”added Paz, before concluding by saying that he still This is not the least risky time to diversify altcoins.
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