Today’s market…


This early-morning drop has completely broken down into new LH and LL… The long position structure on the 1H chart is broken..
Yesterday’s move also piled on-chain selling from old coins held for 6 months or more, dumping 3,000+…
Today I plan to stay mostly on the sidelines…
I’ll wait until this week’s FOMC and earnings reports are both over, then reassess the situation…
Where should longs squat after a breakdown?
Still refer to the Z-band model and that earlier whale with 1,300+ spot limit orders…
Right now, the Z-band is still the green band in the far zone.. Spot demand in the nearby price range isn’t strong..
The key focus is the spot-to-nearzone Z-band positions like the ones circled in Figure 1 (influenced by that 1,300 whale)
So for swing trading, watch around 61.5k–62k, and monitor the Z-band conditions.
For today, I’ll just observe.
View Original
post-image
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned