JLP Approaches a Key Liquidity Zone on the Daily Timeframe

October was supposed to be “Uptober,” the month crypto traditionally rewards bulls. This year it did not deliver. According to Phemex, roughly $12.5 billion was liquidated across the market in October, and long positions took the brunt of it, with more than $9 billion wiped out.

It was a painful month for leveraged traders, and one that will be remembered for its scale of liquidations. Still, it was not without opportunity. Sharp deleveraging events often reset the market and leave clearer setups for patient traders.

Market Context

Crypto assets tend to move together, and Bitcoin remains the market’s anchor. BTC is now approaching a major liquidity zone around the $74,000 area. As it does, one of the assets on our watchlist is nearing a key zone of its own.

JLP on the Daily Timeframe

JLP has been on our watchlist for some time and remains one of our preferred assets. On the daily timeframe, price is approaching a significant liquidity zone.

Level of interest: $4.28

This is where I expect a bounce. Liquidity tends to rest at levels like this, and I anticipate buyers, including larger participants, stepping in around that price.

Trade Plan

If price reaches $4.28 and the setup plays out as expected, I may:

Add to my existing position, or
Increase my borrow leverage to maximize upside.

Leverage magnifies losses as well as gains, and October showed how quickly overextended positions are forced out. If price breaks below the zone instead of bouncing, the plan should be reassessed, so define your invalidation level and size positions accordingly.

This article is for educational purposes only and is not financial advice. Always do your own research (DYOR) before making any investment decision.

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