Below is the BTC article published at 2:26 on October 27.
“The speculator whose sell orders appeared around 21:00 just now was acting on the basis that he saw a substantial amount of long liquidation orders not far below, which he believed were enough to make the move worthwhile.
So I explained in advance that he was simply testing whether he could push the price to a new low and deliberately trigger market liquidations.
That’s why the article mentioned that you could simply set a trigger order and not worry about whether he succeeded. If he didn’t, the price wouldn’t make a new low, and he would exit immediately with a small loss.
So now we can also see that after failing, he immediately closed his short position, causing the price to rebound to slightly above where he had started shorting. (After all, he was the one who started shorting and cleared out liquidity, so buying back the same amount would require a higher price.)
The speculator’s intentions, which I explained in advance, also match the order flow indicated by the price action.
Later, around the time Asian stock markets are about to close on the 27th, there will be a bullish speculator looking to trade on the assumption that the low will be at the point where a low was established, as mentioned earlier on the 24th.”
You’re welcome to join my Plaza chatroom to read more.
“The speculator whose sell orders appeared around 21:00 just now was acting on the basis that he saw a substantial amount of long liquidation orders not far below, which he believed were enough to make the move worthwhile.
So I explained in advance that he was simply testing whether he could push the price to a new low and deliberately trigger market liquidations.
That’s why the article mentioned that you could simply set a trigger order and not worry about whether he succeeded. If he didn’t, the price wouldn’t make a new low, and he would exit immediately with a small loss.
So now we can also see that after failing, he immediately closed his short position, causing the price to rebound to slightly above where he had started shorting. (After all, he was the one who started shorting and cleared out liquidity, so buying back the same amount would require a higher price.)
The speculator’s intentions, which I explained in advance, also match the order flow indicated by the price action.
Later, around the time Asian stock markets are about to close on the 27th, there will be a bullish speculator looking to trade on the assumption that the low will be at the point where a low was established, as mentioned earlier on the 24th.”
You’re welcome to join my Plaza chatroom to read more.
