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Today’s Market
Need to go out, abbreviated..
Funding Situation
ETFs are still flowing out, after calming down for two days on Monday and Tuesday, yesterday it was another 63k..
So the overall large fund structure still hasn't reversed. (Not just after SpaceX IPO if there's any improvement)
Open Orders
Currently, there are a lot of contract sell orders above the price at around 63k~64k. (Figure 1)
This is the first ceiling the price faces today; if the rebound wants to go far, the first step is to bite through this.
Spot market is still okay, with sell orders of over 100 at 63.5k and 64k each.
Buy orders below are still around 61k. So, occasional imbalance bands still appear here (Figure 2).
Further down, there are buy orders at 60k and 59k that have been hanging for a long time. The bullish defense line around 58k–58.5k remains unchanged.
Plan
Intra-day upper target: first see if the contracts at 63~64k can be absorbed.
If it can't be bitten through, the rebound will be stuck below the ceiling.
Yesterday’s 61k was tested too many times..
The real support level is at 60k.
The overall defense line remains at 58~58.5k.