First, congratulations to everyone who followed along and went long. The long position on the break below 762 and reclaim. No matter how you scaled out for profit, overall you should have made 2,000+ points in profit~ Nice!
Honestly, I didn’t expect this rally to be so swift. To be honest, I had a few short orders placed on the left side at 794, and they got stopped out instantly. Then I was left with only a mini core position in longs.
So what’s the outlook now?
As shown by the futures data in Figure 1, the rise was driven more by shorts closing than by longs entering. And after longs entered, the rally didn’t continue.$BTC
My personal view remains bearish. This rally has already gained 4,000 points. At the current levels, longs are taking profits. If you want to chase longs, wait until tomorrow’s daily candle closes above 812 before considering it. Likewise, if it closes above 812, I recommend closing any short positions first~
For shorts, be patient and wait for the price to fall back to 794 before entering~
Honestly, I didn’t expect this rally to be so swift. To be honest, I had a few short orders placed on the left side at 794, and they got stopped out instantly. Then I was left with only a mini core position in longs.
So what’s the outlook now?
As shown by the futures data in Figure 1, the rise was driven more by shorts closing than by longs entering. And after longs entered, the rally didn’t continue.$BTC
My personal view remains bearish. This rally has already gained 4,000 points. At the current levels, longs are taking profits. If you want to chase longs, wait until tomorrow’s daily candle closes above 812 before considering it. Likewise, if it closes above 812, I recommend closing any short positions first~
For shorts, be patient and wait for the price to fall back to 794 before entering~
