We're moving well, and it looks like we're heading below 60. The bearish rollercoaster has picked up speed, and the chart shows that the price is being systematically squeezed down. All attempts to bounce back are being brutally crushed, and long positions are being sliced clean like a razor.
Right now, just below the current price, down to the round figure of 60,000 and a bit lower, fresh panic buy orders are piling up. These are the retail orders that firmly believe in the psychological strength of the "round number" and are trying to place their final stop losses there in hopes of a reversal. But for the market maker, leaving this juicy volume untouched is simply a luxury they can't afford. The distance is ridiculous, the inertia is strong, so a dip below 60k seems inevitable.
At the same time, the entire journey up—from 61,900 to 63,000—has been immediately mined with stop losses by the celebrating bears. They love shorting the lows during euphoria just as much as they love longing the highs.
Right now, we're approaching the climax. Trying to catch this falling knife before we breach the 60k level is an unjustifiable risk. We calmly wait for the round number to get taken out, watch how the crowd panics and gives up their positions, and only after that, we will start looking for a reversal.
Right now, just below the current price, down to the round figure of 60,000 and a bit lower, fresh panic buy orders are piling up. These are the retail orders that firmly believe in the psychological strength of the "round number" and are trying to place their final stop losses there in hopes of a reversal. But for the market maker, leaving this juicy volume untouched is simply a luxury they can't afford. The distance is ridiculous, the inertia is strong, so a dip below 60k seems inevitable.
At the same time, the entire journey up—from 61,900 to 63,000—has been immediately mined with stop losses by the celebrating bears. They love shorting the lows during euphoria just as much as they love longing the highs.
Right now, we're approaching the climax. Trying to catch this falling knife before we breach the 60k level is an unjustifiable risk. We calmly wait for the round number to get taken out, watch how the crowd panics and gives up their positions, and only after that, we will start looking for a reversal.
