Just publishing to look back at, I see that a lot of retail people are stuck on shorting on auto-pilot since the last rally to 7.4k and break of 6000, and market movers are capitalising on that. I would never have guessed 2 weeks ago, but this could very likely reach 5800-6000 in a wick. Although there's a lot of bullish presence and every dip is being bought up, they could pull the rug anytime so you can't really enter long right here unless you are monitoring a 5350 break. A lot of supply has been absorbed above 5000 and basically nobody is selling spot at the moment, and whoever is shorting is day by day going underwater.
I can see 3 scenarios playing out
1. Fake-out 5350 break and dump to 4650-4800
2. Break 5350 with next target being at least 5550 and most probably wick to 5750
3. Retrace from here to 5000-4850 to fill CME gaps, although this seems the most unlikely at the moment.
I can see 3 scenarios playing out
1. Fake-out 5350 break and dump to 4650-4800
2. Break 5350 with next target being at least 5550 and most probably wick to 5750
3. Retrace from here to 5000-4850 to fill CME gaps, although this seems the most unlikely at the moment.
Comment:
Price broke upwards but there was no volume confirmation, will continue to consolidate between 5200 and 4800 probably.
Comment:
The futures market doesn't believe in this rally at all, this seems like a massive liquidity trap : I expect this by EOY.
Comment:
yeah this didn't age well