Now the count is clear.

The drop was caused by a $10.2B forced deleveraging event in the futures market ($10.2B in longs liquidated), which was basically the same as March 2020...

We saw a quick $5400 buying candle after the drop, so strong hands bought the dip!

The question now is, will there be a final dip lower? It's possible, but I think the answer is NO.

Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

Please consider leaving a comment, like or rehive, if this post entertained you or helped you see things differently...

Have a nice day :-)

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