Today is Saturday. The crypto market moved sideways all day with little volatility. From the sidelines, it feels like bulls don't dare to buy, profitable shorts don't want to take profit, and losing shorts don't want to close their positions. After bottoming at 2173 yesterday, the price held above 2230 and hasn't pulled back much since. Compared with yesterday, today has been a sideways move with an upward bias. Trading volume is thin, which does feel a bit like the end of a bear market, judging by trading volume and market performance over the past two months.
First, let's analyze the market structure over the past two days.
Around 2173, a considerable portion of leveraged bulls were liquidated, and high-level shorts have also taken profit on more than half of their positions. Buyers are now weak, while among sellers, some shorts are in profit and a moderate number are at a loss.
The most likely scenario
In this market, I think it's easy for the big players to pull a fast one. It's the weekend, there are few market shorts, and retail trading volume is relatively low. They can provide some capital to push the price up, with the rest coming from short stop-losses and liquidations.
They could push it up 50 or 60 points, but not too high, then quickly pull back after the rally, leaving an upper wick. They only need to trigger some shorts' stop-losses and panic take-profits to drive the price up quickly, while trapping those who chase the rally!!!
Conclusion: Shorting at 2311 is the safest option. Chasing longs between 2260 and 2290 could easily leave you trapped. You can chase longs in the short term to catch the turning point, but you'll definitely be too late. As I'm writing this, I recommend that my followers short at 2311,
with 60x leverage and 6% of their position, add 4% at 2320, and set a stop loss at 2330!!!
First, let's analyze the market structure over the past two days.
Around 2173, a considerable portion of leveraged bulls were liquidated, and high-level shorts have also taken profit on more than half of their positions. Buyers are now weak, while among sellers, some shorts are in profit and a moderate number are at a loss.
The most likely scenario
In this market, I think it's easy for the big players to pull a fast one. It's the weekend, there are few market shorts, and retail trading volume is relatively low. They can provide some capital to push the price up, with the rest coming from short stop-losses and liquidations.
They could push it up 50 or 60 points, but not too high, then quickly pull back after the rally, leaving an upper wick. They only need to trigger some shorts' stop-losses and panic take-profits to drive the price up quickly, while trapping those who chase the rally!!!
Conclusion: Shorting at 2311 is the safest option. Chasing longs between 2260 and 2290 could easily leave you trapped. You can chase longs in the short term to catch the turning point, but you'll definitely be too late. As I'm writing this, I recommend that my followers short at 2311,
with 60x leverage and 6% of their position, add 4% at 2320, and set a stop loss at 2330!!!
