The majority of traders were bearish
near 7500 expecting 6k. The market makers took advantage of these traders by pushing the price above 10k to cascade liquidations on the bears. Now that the price has broken most resistance lines, traders are now ready for a full blown bull rally. Since the majority are net long, market makers will once again own these traders by forcing more liquidations by moving the price to their liquidations ( 8900).
The overall trend is flat, we are still in a huge Weekly wedge
, consolidating back and forth. Intraday traders are either killing it with the increased volatility
or simply getting hammered down to nothing.
I wouldn't say that I bearish
since price is still consolidating. However, the shortterm technical analysis
is indications a lower price shortterm.
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