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 wher...
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