BTC: I’m choosing to short today—the rebound keeps falling just short
Today, I’ve decided to short BTC.
The most frustrating thing about this market is that after each drop, the rebound just can’t quite make it. After a long period of sideways trading, it’s easy to think, “Surely it’s time to go up now.” But the current price hasn’t given me enough confidence to think so.
Binance spot data shows that the high over the past 24 hours was only 81820.93—not even enough to reclaim 82,000. The rebound after the drop hasn’t reached the previous level, so I judge that buyers haven’t yet turned the tide. Over the next 24 hours, I think the price is more likely to test the lows again.
Farside’s latest figures show that spot Bitcoin ETFs saw net outflows of $82.4 million during the U.S. trading day that ended in the early hours of October 17, Beijing time. With prices struggling to rise and this channel seeing net outflows, I judge that downward pressure remains. Farside Investors
However, the price near 80809 was quickly pulled back early this morning, indicating that there is buying support below. Even when shorting, I need to guard against a sudden sharp rally.
For Binance BTC/USDT spot at 23:22 on October 17, Beijing time: reference price 81555.98, take-profit 80820, stop-loss 81830. All figures are in USDT.
—Lin Yi Free Community · Investment Research Notes
Today, I’ve decided to short BTC.
The most frustrating thing about this market is that after each drop, the rebound just can’t quite make it. After a long period of sideways trading, it’s easy to think, “Surely it’s time to go up now.” But the current price hasn’t given me enough confidence to think so.
Binance spot data shows that the high over the past 24 hours was only 81820.93—not even enough to reclaim 82,000. The rebound after the drop hasn’t reached the previous level, so I judge that buyers haven’t yet turned the tide. Over the next 24 hours, I think the price is more likely to test the lows again.
Farside’s latest figures show that spot Bitcoin ETFs saw net outflows of $82.4 million during the U.S. trading day that ended in the early hours of October 17, Beijing time. With prices struggling to rise and this channel seeing net outflows, I judge that downward pressure remains. Farside Investors
However, the price near 80809 was quickly pulled back early this morning, indicating that there is buying support below. Even when shorting, I need to guard against a sudden sharp rally.
For Binance BTC/USDT spot at 23:22 on October 17, Beijing time: reference price 81555.98, take-profit 80820, stop-loss 81830. All figures are in USDT.
—Lin Yi Free Community · Investment Research Notes