One thing to always be aware of is what are the long/short ratios. In this chart we can see some normal PA and L/S action. Also evident are Bitfinex hunting liquidity. As you can see longs are more dominant than shorts now so you can expect some liquidation. Things really got to an excessive amount shortly after the ATH. Notice how the longs didn't dominate until recently. A good number of shorts got rekt also. Rule of thumb, if longs are more dominant than shorts, expect a dump. If shorts are more dominant than longs, expect a pump. Manipulation at it's finest.
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Also obvious today was the large arbitrage between Binance U.S. and the other exchanges, at times exceeding $500.00. Binance must have more longs on the books.
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Meant to say "after the previous ATH on 21 Feb." After that it goes downhill as far as normal market behavior. Bitfinex is obviously hunting liquidation for profit. Sad we've got to this and accepted it as normal. This is not market consolidation, correction or trading sideways or whatever other warm and fuzzy thing ascribed to it. This is manipulation for profit. Profit TO them FROM you...