$BTC 11.13 Future outlook
Friends who shorted with me from 80000, it’s almost time to go long!
1) On the four-hour chart, the downtrend here is accelerating, with some potential for a rebound. However, there was no massive volume-driven panic sell-off during the day session, and people are still going long.
2) Looking at the funding rate, bulls near 78000 have finally stopped aggressively piling into longs and things are moving toward balance. This does not mean the downtrend has changed.
3) The large liquidity pool below 63000 has not been cleared, so it will continue to attract price downward.
Summary of the data above:
Remain bearish and keep holding short positions. Set all short orders to take profit at 63000, and manually take profit on the 70000 put.
BTC’s descent from above 80000 while I’ve been short has been very choppy, with repeated attempts to lure people into longs. The drop has only just accelerated, and it’s not yet time to buy the dip—not according to my criteria.
(Almost there) Funding rates have plunged, and bulls have turned bearish.
(Not met) Liquidity at 63000 has been cleared + panic selling.
(Not met) BTC is at the bottom of its trading range, 63000–60000.
There may be a short-term rebound, but I think trying to catch one against a strong downtrend is very unwise.
To protect against further downside in BTC futures, look for a bullish divergence near the 62900 support level as a potential long entry.
Friends who shorted with me from 80000, it’s almost time to go long!
1) On the four-hour chart, the downtrend here is accelerating, with some potential for a rebound. However, there was no massive volume-driven panic sell-off during the day session, and people are still going long.
2) Looking at the funding rate, bulls near 78000 have finally stopped aggressively piling into longs and things are moving toward balance. This does not mean the downtrend has changed.
3) The large liquidity pool below 63000 has not been cleared, so it will continue to attract price downward.
Summary of the data above:
Remain bearish and keep holding short positions. Set all short orders to take profit at 63000, and manually take profit on the 70000 put.
BTC’s descent from above 80000 while I’ve been short has been very choppy, with repeated attempts to lure people into longs. The drop has only just accelerated, and it’s not yet time to buy the dip—not according to my criteria.
(Almost there) Funding rates have plunged, and bulls have turned bearish.
(Not met) Liquidity at 63000 has been cleared + panic selling.
(Not met) BTC is at the bottom of its trading range, 63000–60000.
There may be a short-term rebound, but I think trying to catch one against a strong downtrend is very unwise.
To protect against further downside in BTC futures, look for a bullish divergence near the 62900 support level as a potential long entry.
