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October 27, 2021
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EllioTrades Daily Roundups

October 27, 2021

Flushing out the Leverage – Will the Dip Keep Dipping?

Oliver Grah
Oct 27, 2021
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Introduction

What we warned you about yesterday and the days before, has played out today: While everyone got extremely bullish, opened leveraged longs, and bought their favorite altcoins, the risk of an imminent washout was getting higher and higher by the day. Now, we are seeing the result with hundreds of millions of dollars of longs being liquidated in a matter of minutes.

Source: U.Today
Twitter avatar for @HsakaTradesHsaka @HsakaTrades
Someone got hit hard on ETH on Bitfinex. Liquidated for ~35k ETH ($130m) Cant' remember the last time I saw something of this size get liq'd on finex. Insane.
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October 27th 2021

140 Retweets1,110 Likes
Twitter avatar for @NinjascalpNinja @Ninjascalp
New funds joining crypto must realize the cycles of rekting the leverage traders it has and will always be this way no entry is safe $BTC

October 27th 2021

5 Retweets156 Likes
Twitter avatar for @juthicajuthica @juthica
liquidations keep the system from accumulating too much leverage relative to realized volatility a healthy feedback mechanism that does not exist in other markets

October 27th 2021

38 Retweets405 Likes
Twitter avatar for @caprioleioCharles Edwards @caprioleio
Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control. We won't get sustainable price rises until that changes.

October 26th 2021

136 Retweets1,778 Likes
Twitter avatar for @intocryptoverseBenjamin Cowen @intocryptoverse
Feels like #Bitcoin wants to get higher, but longs keep getting wiped out first lol.

October 27th 2021

33 Retweets1,241 Likes

Market Outlook

  • Does today’s dump mean the bull market is over (again) and it’s time to pack your bags? Of course not. Medium and long term, things are still looking positive with no macro top signals insight.

Twitter avatar for @santiagoroelSantiago R Santos | #9159 🦇🔊 @santiagoroel
There's something calming when the market panic sells. Has there been a fundamental change? Let's see: 1. BTC futures ETF is a key approval nod to the industry 2. Web3 apps getting serious traction 3. NFTs leading mainstream adoption Just the ol' over-leverage rinse & repeat

October 27th 2021

7 Retweets77 Likes
  • However, be prepared for some more downside before upside in the short term. Especially when everyone is talking about “buying the dip” we oftentimes get another shakeout. Then it’s time to buy!

Twitter avatar for @WClementeIIIWill Clemente @WClementeIII
Shakeouts are over when most people no longer think it’s a shakeout

October 27th 2021

46 Retweets970 Likes
Twitter avatar for @rektcapitalRekt Capital @rektcapital
#BTC is dipping deeper into the old resistance area in an effort to flip it into a new support area Weekly retest attempt still in progress $BTC #Crypto #Bitcoin
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Rekt Capital @rektcapital

Last week, #BTC Weekly Closed above a historical major resistance area (red) This week, $BTC may be dipping towards the same area but this time to turn it into a support Weekly retest may soon be in progress #Crypto #Bitcoin https://t.co/j8yGm7g5bt

October 27th 2021

23 Retweets112 Likes

The Meme Coin Frenzy Continues

  • In other price-related news, we get reminded of the jaw-dropping power of memes and retail frenzy… 🐶

  • It really feels like meme coins have decoupled to a large extent from the rest of the crypto markets with two of the top three performers today being meme coins… Or it’s a precursor for more short-term pain which will put a bigger damper on the whole market – including meme coins.

Twitter avatar for @Blockworks_Blockworks @Blockworks_
Last 24h: #Bitcoin: -5.99% #Ethereum: -3.86% #BNB: - 5.98% #ADA: -8.30% #Solana: -7.56% #XRP: -7.44% #Polkadot: -4.22% #DOGE: -8.62% And then we have #Shiba: +37.46%

October 27th 2021

3 Retweets16 Likes
Twitter avatar for @blknoiz06Ansem🃏🃏 @blknoiz06
the timing of these meme coin pumps is really throwing me off i cant tell if we're in mania phase or they really have their own cycles now

October 26th 2021

19 Retweets460 Likes
Twitter avatar for @IvanOnTechIvan on Tech - Moralis Web3 Operating System 👨‍💻 @IvanOnTech
SHIB is soon bigger than Doge 😅 Lesson? Don't be too smart in crypto, too much money is lost on sophisticated analysis - embrace the power of the ape

October 27th 2021

62 Retweets570 Likes
Twitter avatar for @blknoiz06Ansem🃏🃏 @blknoiz06
shib +30% doge -6%, crypto boomers in disbelief

October 27th 2021

6 Retweets65 Likes
Twitter avatar for @sassal0xsassal.eth 🦇🔊🐼 @sassal0x
SHIB has been 1 of the top ETH burners over the last 30 days
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October 27th 2021

49 Retweets360 Likes

Ethereum Altair Upgrade – The Warm-up to the “Merge”.

  • Without many noticing it (which is arguably a good sign), Ethereum performed another important hard fork today, paving the way towards the “Merge” next year. The Altair hard fork has likely been the last upgrade before the Merge!

  • Because the Altair upgrade introduced improvements to the Beacon Chain (the new proof-of-stake chain), Altair won’t lead to any frond-end changes for Ethereum users right now.

  • On a more technical level, the upgrade brought support for light clients, pre-validator inactivity leak accounting, a rise in slashing severity, and clean-ups to validator rewards allowing for simplified stated management. 🤓

Twitter avatar for @terencechainterence.eth 🦇🔊 @terencechain
Successful Altair upgrade! 💫 Next stop Merge! 🐼
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October 27th 2021

26 Retweets139 Likes

The First Super Bowl Crypto Ad Is Coming

  • In the last few years, the idea of seizing one of the biggest marketing opportunities in the world – displaying ads during the Super Bowl which gets watched by almost 100 million people – has been fantasized about many times. It’s no surprise that FTX is the crypto company to finally achieve this major publicity stunt!

Source: Cointelegraph
Twitter avatar for @Blockworks_Blockworks @Blockworks_
Superbowl ad Tom Brady Miami Heat E-sports league MLB Kevin O'Leary Mercedes-AMG Petronas All in 1 year
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October 26th 2021

65 Retweets435 Likes

Don’t Miss These New Crowdloan Opportunities!

  • After a short break, Kusama parachain auctions have resumed this week, presenting exciting opportunities to get your hands early on the next possible Polkadot gems. There are two interesting contenders with ongoing crowdloan campaigns: Picasso (which we presented a few days ago) and Bit.Country Pioneer, an ambitious Metaverse project which caught the attention of Acala’s Dan Reecer and got the backing of NFT powerhouse Animoca Brands (never a bad sign!)

Twitter avatar for @danreecer_Dan Reecer 🅰️🕊⚪️ @danreecer_
Next up for @kusamanetwork parachains is a metaverse chain. Excited to see the team at @BitDotCountry win an auction and begin to launch! https://t.co/TN2h3r5Ilq

Bit.Country Metaverse Portal of Polkadot & Kusama @BitDotCountry

Join our crowdloan on #Kusama and let the ❤️canary's song echo across metaverses. ⚡️https://t.co/uZLcYgLPGd https://t.co/kd4KZ5vyej

October 27th 2021

9 Retweets97 Likes
  • Both Picasso and Bit.Country seem to be very solid projects offering token bonuses for anyone participating in their crowdloans. As of right now, Picasso is likely to win the next parachain slot, with Bit.Country following thereafter.

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