#BTC Update after the weekend ♻️
Bitcoin finished the week with a strong rise and the liquidation of short sellers following Powell's speech hinting at a rate cut. Dominance dropped sharply, which eased pressure on altcoins with the fluctuations of the first cryptocurrency.
Since institutional traders do not operate on weekends, traders took profits and Bitcoin corrected slightly. And at the end of Sunday, there was a short squeeze, specifically a manipulation on liquidity from the bottom. It happened on a weekend, just before the start of the workweek, when it is less risky to make such moves..
On the positive side:
- A huge GAP formed in the range of 117-114k, which will definitely be closed in the near future, meaning the price will rise back.
- Due to the drop in BTC dominance, this sell-off did not affect altcoins, and they did not revisit their lows.
According to my strategy, a limit order at 110800 was triggered, which I had set up on Friday just in case. Thus, I averaged my initial position from 117600.
I expect growth this week. It is worth remembering that we are still waiting for September 17 - the day of the Fed's rate decision, and there are still 3 weeks until that time.
