BTC/USDT We are still on top of support⛰️

Nov 8, 2022

Today 614 million dollars have been liquidated, bulls lost that amount of money in their long positions. After such liquidation I would not be surprised if we get a local bounce specially if we close above the support leaving that wick underneath, sweeping for liquidity. We can see how the volume increased in the drop, confirming those liquidations. Price formed a bear flag pattern and broke down, I think a retest to the lower trendline of the broken flag is possible but I will need some more time to see what structure forms up in the meantime I focus on the important support area that we are in that we tested several occasions which isn't a good sign, but I believe there is potential for some local pull back. We are still in a bear market and I do not think this is the bottom.