Last week when was boring as is again i told friend what would i do short term as MM(market maker) and it happened more or less like that and i still lost money trading :D
Anyway i am not financial advisor and for now wont be trading on this.
Firstly i was thinking on going long last 24hours but what i really dislike for this trade is that longs keep on increasing(atm 32,2k) and shorts keep on decreasing(atm 23,6k).
So i started thinking what i would do as MM and here is my idea with very limited information(nice info would be where are clusters of stop losses). Anyway as i see it for BTC:
1.We would stay in tight range until shorts and longs dont change in number anymore(today almost 4% shorts closed which is a lot for no movement).
2. I would do spike to probably around 6450$(MM would know perfect number where many shorts are having stop loss) and
3. start another big sell off which would end around 5,4k-5,6k(again MM would know where longs have lots of stop losses or even liquidations).
4. I would stay in that bottom range for awhile(hopefully that lots of new shorts would open and few more longs closed) and
5. make huge short squeeze which means at least +10% spike within hour. All previous steps are not even that crazy watching current situation but step 5. is based that at bottom at least 5k+ new shorts are open while longs stay same or even get lower.
Anyway at the moment i have some BTC in Bitmex in no position and some fiat in Kraken waiting and thinking(obviously to much time :).
Good luck with your trades and if you have time share some of your "crazy" ideas :)
It went a little different than expected but well i am not MM. Now we are where most are back to being bullish, we are getting news like this: https://www.newsbtc.com/2018/06/30/bitme... and longs are at 33,2k and shorts only at 23,6k while we went up. Which is more or less same numbers as 3 days ago but huge difference is in ETH shorst went down by 30k or almost 20% and LTC short down 33k or over 25% while for both longs are a bit higher. As i said i am not to confident but had to take that trade.
Good luck with your trades and have nice weekend.
Anyway shorting at 6,4k$ was stupid and i am paying price(just hope wont be to big).
Have nice sunday
On other hand many shorts must have stop losses in 6850-7100 area that if we breach 6900 will make nice green dildo!
Evil MM plan i see is push price up to 69xx sell to short stop losses and fomo top long buyers and those that see that in confirmation of inverse H&S and dump it so hard down our throats we would all scream manipulation :D That is what evil manipulator in me is seeing anyway at the moment :D