Brothers whose short positions haven't broken even, don't worry. However it V'd up, it has to M-top down. First, the conclusion: short at 2383, take profit at 2256
Why is the market seeing such a violent shakeout?
With retail traders unanimously bearish, shouldn't we see one-sided shorting?
Then why isn't there a one-sided drop or rise?
Retail traders have indeed been bearish all along, and they weren't wrong. But the problem is that there's a lot of buying in the spot market, with smart money buying while the futures market is all short. This is the biggest contradiction. The market is divided right now, and a bigger divergence is about to emerge. One-sided moves often come from the side with the greater divergence!
The shakeout is so severe because on August 20, ETH rose from 1950 to 2360 in a short squeeze, without enough position turnover along the way. That's why this area is so easy to push up or dump!
The bigger trend is still bearish for now. Considering that the market makers want liquidity to trigger stop losses, they'll exploit your fear of missing out and get you to enter at market price. It's very possible they'll liquidate the shorts first, then the longs. Short positioning is far too concentrated right now!!!!
I recommend going long at 2307, take profit at 2382
Short at 2383, take profit at 2256
I'm Uchiha Ultra-Short, your most trusted trading currency. Follow, comment, and like early; I provide free answers and trading strategies for my followers.
Why is the market seeing such a violent shakeout?
With retail traders unanimously bearish, shouldn't we see one-sided shorting?
Then why isn't there a one-sided drop or rise?
Retail traders have indeed been bearish all along, and they weren't wrong. But the problem is that there's a lot of buying in the spot market, with smart money buying while the futures market is all short. This is the biggest contradiction. The market is divided right now, and a bigger divergence is about to emerge. One-sided moves often come from the side with the greater divergence!
The shakeout is so severe because on August 20, ETH rose from 1950 to 2360 in a short squeeze, without enough position turnover along the way. That's why this area is so easy to push up or dump!
The bigger trend is still bearish for now. Considering that the market makers want liquidity to trigger stop losses, they'll exploit your fear of missing out and get you to enter at market price. It's very possible they'll liquidate the shorts first, then the longs. Short positioning is far too concentrated right now!!!!
I recommend going long at 2307, take profit at 2382
Short at 2383, take profit at 2256
I'm Uchiha Ultra-Short, your most trusted trading currency. Follow, comment, and like early; I provide free answers and trading strategies for my followers.
