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Bitcoin liquidations shows support at 73-74k, resistance near 83k

Bitcoin liquidations shows support at 73-74k, resistance near 83k
Gregor HorvatGregor HorvatWavetraders

Last week we saw massive liquidations of short positions on perpetual contracts, and more importantly, we haven't seen this kind of reaction since October of last year, when the market made an important reversal. So this could indeed be another important reversal happening in cryptocurrencies. When we zoom out, we can see that some important larger liquidation orders are sitting above 83k, so this could be the next important upside level. But before we get there, notice that some closer liquidation levels are sitting near 74k, so it's possible that this level could be retested before the market makes another jump higher.

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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