Right now, we’re basically waiting for the price to break below 65,300 before the market really starts a downward trend. The overall market is still ranging. Before the liquidation-killoff with a sky-high volume, I still can’t say I’m optimistic about the market.

The liquidity around 65,300 is currently the highest, and it’s also the target level for liquidation. But what also needs attention is that, during the decline, the number of shorts keeps increasing. This could turn the move into a slow grind lower, with continuous upward pin-pricks, causing ongoing market churn. Just be patient and wait for the ranging to end, and let the market work out the trend on its own.

Right now, the market is in a “monkey market” structure—so it’s recommended not to do short-term trades. Short positions opened at higher levels can be held.