Beware, shorts could get squeezed tonight! Bitcoin is hovering around 74,400, after grinding down from 75,570 to 73,505 during the day. The 4-hour moving average at 74,998 is right overhead, keeping it from moving higher. Ethereum’s doing even worse at 2,082, down nearly 2%; it only caught its breath after being dumped to 2,031 during the day. The most treacherous thing about this market is that after a daytime drop, it’s often prone to a violent rally at night—just to punish people who chased shorts. Funding rates are still positive, which shows the bulls haven’t given up. If shorts are going to strike, they’ll probably wait until those traders are fully loaded before dumping the price. If you’re itching to short, wait and see what happens when it bounces back near 75,000. If it can’t get above that level, there’s still time to act—don’t hand over your chips at the bottom. Are you going long or short tonight? Drop a word in the comments.
#BTC #ETH