Shorts capitulating24 Oct 2023 11:32
Yum yum yum il capo has fallen x;)
Il capo message this morning lol
First of all, congratulations to all those who have been respectful and are profiting during this move. Recognition to those who have earned it.
Secondly, for those who followed some of my altcoin analyses (even though they are not financial advice) that went wrong, apologies for any inconvenience I may have caused. I'm out of my shorts that were in a loss (AAVE, SOL, CRO and TRX). Keeping the ones in profit (BNB, MATIC and WAVES) open until more information is available.
Thirdly, I always try my best in order to offer the best possible analysis, not asking anything in return. Sometimes we get it right, sometimes we don't. Once we make the analysis the result is out of our control. Best we can do is to learn and try better next time.
This breakout is not good for the main bearish scenario. I didn't expect the 31k resistance level to break that easily. After checking the market with a cool mind, price never broke 25k which was the main confirmation. Now we are in a situation where price has to get back below 30k in order to confirm a deviation above that resistance, which would mean this has been a fakeout caused by ETF euphoria + USDT and TUSD mints. However, until this happens, it's no man's land. It could actually go higher, but also it could deviate back below, restest the broken resistance as support...
So for now, taking a loss in some short positions and keeping the profitable ones. Then wait and see. The bearish scenario is not fully invalidated but it's less probable until price gets back below 30k. That would put the bearish scenario back in play.
Thank you for the support and stay safe.