$BTC The entire market hasn’t even considered reaching 67500. The news of the US-Iran peace agreement that dropped early this morning sparked a market rally, but looking at the indicators, 64500 is already in a downtrend zone. The long-term indicators are signaling bearishness at any moment. This news-driven spike is largely due to a high short position ratio.
This type of market behavior is reminiscent of the high-level consolidation at 82800, where it kept luring in longs before a drop. This time, it’s more about luring in longs to liquidate them. There's no way this will just shoot up into a bullish trend all at once.
The long-term indicators are stuck, indicating only a drop ahead. But right now, we need to consider the market's surge of 3300 points today, while last week’s gain was just about 4000 points. This only points to one thing: taking advantage of the US-Iran news, quickly ramping up to liquidate heavy shorts and trigger stop-losses, leading to a sell-off.
Currently, the market is also stuck at the 4-hour EMA double bands at 67500, marking a crucial watershed. I mentioned this point during the last big drop. The 12-hour and daily indicators are lagging, while the 12-hour Bollinger Bands have been pushed to the extreme. This scenario is rare and suggests that it’s all aimed at stirring up bullish market sentiment to serve the interests of the whales.
I still stand by what I said: when the crypto bill passed on May 14, it skyrocketed to 82000. The behavior is consistent; ultimately, we must follow the indicators and expect a downward trend.
This type of market behavior is reminiscent of the high-level consolidation at 82800, where it kept luring in longs before a drop. This time, it’s more about luring in longs to liquidate them. There's no way this will just shoot up into a bullish trend all at once.
The long-term indicators are stuck, indicating only a drop ahead. But right now, we need to consider the market's surge of 3300 points today, while last week’s gain was just about 4000 points. This only points to one thing: taking advantage of the US-Iran news, quickly ramping up to liquidate heavy shorts and trigger stop-losses, leading to a sell-off.
Currently, the market is also stuck at the 4-hour EMA double bands at 67500, marking a crucial watershed. I mentioned this point during the last big drop. The 12-hour and daily indicators are lagging, while the 12-hour Bollinger Bands have been pushed to the extreme. This scenario is rare and suggests that it’s all aimed at stirring up bullish market sentiment to serve the interests of the whales.
I still stand by what I said: when the crypto bill passed on May 14, it skyrocketed to 82000. The behavior is consistent; ultimately, we must follow the indicators and expect a downward trend.