They shook off the excessive euphoria from the crowd, effectively unloading the long positions of those who believed in an endless rise based on the news. Now's the time to range a bit on these levels and set up for a bounce.
The bulk of buyers have already been minced, leaving the market maker with not much to catch there. However, a fresh, thick layer of bright green shorters has popped up above. These are the latecomers who sat on the fence during the dip and are now jumping into sales in a panic, expecting 'Bitcoin at 50k'.
Driving the price further down without a refill just isn’t profitable when there's ready fuel hanging right above.
It makes sense to see a local sideways movement, where the shorters will fully convince themselves of their correctness and fill the order book with stop losses. Once they complete their positions, the market maker will make a sharp move up, and the shorters will inadvertently push the price towards 64,500 and beyond.$BTC
The bulk of buyers have already been minced, leaving the market maker with not much to catch there. However, a fresh, thick layer of bright green shorters has popped up above. These are the latecomers who sat on the fence during the dip and are now jumping into sales in a panic, expecting 'Bitcoin at 50k'.
Driving the price further down without a refill just isn’t profitable when there's ready fuel hanging right above.
It makes sense to see a local sideways movement, where the shorters will fully convince themselves of their correctness and fill the order book with stop losses. Once they complete their positions, the market maker will make a sharp move up, and the shorters will inadvertently push the price towards 64,500 and beyond.$BTC
