I was still saying it was strong the other day, but today I need to take my words back—once this wave is finished, it’s time to run.🤣
First, the conclusion: I won’t take it from this spot.
This rally is purely because the futures market is forcefully prodding it. In one day, open positions more than doubled, and they literally pushed the price from the bottom up to the high point. The problem is right here—over in the spot market, you can’t see a single big order from start to finish. Net inflow is zero the whole time. It’s just inflated by leverage—paper prosperity.
Now the price has dropped from the high point. In the past 24 hours it’s down nearly 15%, already falling below the moving averages. Open positions are starting to shrink back too, and the positions of the people who chased the price are being slowly squeezed out. The “active trading” side is even more telling—sell orders are pressing down on buys, and buys can’t even take up half.
In plain terms, when the market is propped up like this by futures, how fast it goes up is exactly how hard it will come down. It’s not that it *must* fall to some specific level—it’s just that the chips at this point are all piled up with leverage, and there’s basically no real support underneath that can take them.
Don’t rush to buy the dip here. Wait until this wave of leverage has been squeezed out and the price can stand firm again. If you chase it now, the risk-reward just really isn’t great.
#gwei $GWEI
First, the conclusion: I won’t take it from this spot.
This rally is purely because the futures market is forcefully prodding it. In one day, open positions more than doubled, and they literally pushed the price from the bottom up to the high point. The problem is right here—over in the spot market, you can’t see a single big order from start to finish. Net inflow is zero the whole time. It’s just inflated by leverage—paper prosperity.
Now the price has dropped from the high point. In the past 24 hours it’s down nearly 15%, already falling below the moving averages. Open positions are starting to shrink back too, and the positions of the people who chased the price are being slowly squeezed out. The “active trading” side is even more telling—sell orders are pressing down on buys, and buys can’t even take up half.
In plain terms, when the market is propped up like this by futures, how fast it goes up is exactly how hard it will come down. It’s not that it *must* fall to some specific level—it’s just that the chips at this point are all piled up with leverage, and there’s basically no real support underneath that can take them.
Don’t rush to buy the dip here. Wait until this wave of leverage has been squeezed out and the price can stand firm again. If you chase it now, the risk-reward just really isn’t great.
#gwei $GWEI