Huge BTC futures flush out pushed it more than everyone expected

Recent BTC drop surprised everyone, me too.

I expect some long liquidation but not this fast and especially not over the weekend.

For now it looks like nice retest of upper boundary of big pennant pattern and previous lows (40k level).

As you can see on chart I expected drop to 48k max. but BTC always manage to shock us all.

Until upper boundary on RSI isn't broken I don't expect any pullback to higher region. We will need some time to reset market sentiment.

Watch closely 50 weekly MA which is at 47k level and almost at the same spot as upper pennant pattern boundary!

Ever since this cycle start 50 weekly MA is major support. If we lose it, retest of 30k region is more probable.

Some good news for end:

Coinbase Premium/Korean Premium index spiked - bullish
Exchange netflow stabilized - bullish
Miners are still holding - bullish

Don't allow whales to flush you out. Bull market isn't over yet, they just want you to think it is.

Good luck and buy the dip! :)

Also, take a look at analysis of USDT.D correlation with BTC I posted yesterday before this dump: