We’ve noticed something quite interesting. Just after the 86,000 level broke through, here’s what the sell orders above look like:
In terms of options, 86,000 actually has a Gamma wall, while 87,000 is a very large pressure wall. Looking at the contracts, at 87,148 there’s both pressure and liquidation positions. In the middle there aren’t really many big orders resting. The spot price is also around 87,046. So 87,000 will form a fairly strong resistance level; if it’s broken through, it looks like price could quickly move to test 88,000.
As for support, at the moment there aren’t that many buy orders between 84,000 and 86,000. It’s as if much of the heavy selling pressure above has been absorbed, while support below is still gradually forming. This kind of setup is actually relatively fragile.
I think this situation will lead to increased volatility on both the upside and downside. For execution: if a break above 87,000 is not successful, I’m planning to try placing a short order between 86,600 and 87,000; but if it does break through, then it will move to new highs
In terms of options, 86,000 actually has a Gamma wall, while 87,000 is a very large pressure wall. Looking at the contracts, at 87,148 there’s both pressure and liquidation positions. In the middle there aren’t really many big orders resting. The spot price is also around 87,046. So 87,000 will form a fairly strong resistance level; if it’s broken through, it looks like price could quickly move to test 88,000.
As for support, at the moment there aren’t that many buy orders between 84,000 and 86,000. It’s as if much of the heavy selling pressure above has been absorbed, while support below is still gradually forming. This kind of setup is actually relatively fragile.
I think this situation will lead to increased volatility on both the upside and downside. For execution: if a break above 87,000 is not successful, I’m planning to try placing a short order between 86,600 and 87,000; but if it does break through, then it will move to new highs