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Bitcoin again failed to hold above the $100,000 mark and dropped sharply to $94,000, liquidating $1.7 billion worth of positions in the overall market! Of that, $1.5 billion is longs (coinglass)
I'll note right away that as long as there is a global growth cycle going on, there is no point in predicting its end. What we love VTS for is that in a bull market even the toughest bearish signs can be ignored馃憤
鈿狅笍小械泄褔邪褋 on the daily chart we have a double bearish divergence on RSI, which in normal times would inevitably lead to a strong correction. And on the weekly chart we have a usual bearish divergence.
Bottom line: in general, the downside potential of VTS is at $75000, a little more than -20% from current levels. But most likely we will unload the indicators either through a sideways plus or minus at current levels, or through a minimal update of the local low at 90k. Altcoins will be harder, of course, but I still look positively at their selection on corrections. 2 replies
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