After rejection of 48-50k range the target in my previous video was around 39-42k.
We already meeting those targets but as books reshape and futures data is delivered to us we can see that open interests are still high while price coming down and on top of that the amount of liquidations so far are quite disappointing.
We need so see some serious liquidations volume coming from futures because they didn't even meet half billion so far (ideally a billion)
In the video I talk about the expiration of September 24 Futures and Options contracts. This is very significant because they are "Quarterly" ones AND they are currently the highest with Open Interest allocated.
Options volumes are not really impactful from a raw absolute volumes stand point BUT they are meaningful from a psychological standpoint since it reveals good sample of market sentiment.
From here we are likely to bounce toward the 44.5 then revisit lows again. Once we tap 48k I expect major bounce to test 45k or the 47 range again.
We already meeting those targets but as books reshape and futures data is delivered to us we can see that open interests are still high while price coming down and on top of that the amount of liquidations so far are quite disappointing.
We need so see some serious liquidations volume coming from futures because they didn't even meet half billion so far (ideally a billion)
In the video I talk about the expiration of September 24 Futures and Options contracts. This is very significant because they are "Quarterly" ones AND they are currently the highest with Open Interest allocated.
Options volumes are not really impactful from a raw absolute volumes stand point BUT they are meaningful from a psychological standpoint since it reveals good sample of market sentiment.
From here we are likely to bounce toward the 44.5 then revisit lows again. Once we tap 48k I expect major bounce to test 45k or the 47 range again.
D7R
