2021-05-21 10:24:03
2-trades-btc-swingOkay guys quick update, I'm literally mentally exhausted after today's session
Went for a quick walk after buying the 36K dip, came back while we were plunging down in low 30s. Had to manage all my accounts which required full attention and couldn't sacrifice to differentiate.
So what happened? Well the second flush was caused by the USDT peg breaking down, so all USDT backed and pegged loans got wiped. Price broke down and margin liquidations on futures started winding down similar to March 2020. I believe Mex engine is still processing, over 700K single positions liquidated with over 8 billion total USD value liquidated.
Market obviously broke down on that sell pressure, got absorbed at 30K and 2K (ETH) and now recovered the last flush. Same expectations as before, think we are done (short term) with the selling and are ready to crush some shorts now. ETH/BTC doing solid as well so I'm spread equally on ETH and BTC at the moment. Time to bounce!
If you need to chat, have questions or just discuss what happened you can ping me in chat or PM, I will try to cover everything in the next few hours.
!channel
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