Tuesday summary: the direction is wrong, all efforts are really in vain. Tonight, the bulls are probably going to have a hard time. In the past 24 hours, the entire network has liquidated $402 million, mainly from long positions, with $350 million in long positions and $52.74 million in short positions being liquidated. More than 133,400 people have been liquidated! I really don’t know how to deal with this; this is the washout effect under the trend. If you don’t defend well, no one can escape!
Currently, the price is fluctuating between the upper and middle bands of the daily chart, oscillating within a range. This round of market action is oscillating between the $96,500 and $102,500 areas. As long as the range holds, there will be frequent price jumps and washouts. Yesterday it was a washout, today it’s another explosion. One round after another, clearing out the positions in the market. If the price cannot effectively break below the daily middle band at $96,500 in the short term, then tomorrow there will still be a rebound.
In the short term, the price is being pressured by the upper band and is undergoing a pullback. The actions are visibly clear, but currently, from the liquidation chart, the bulls have already been completely cleared out. Will it continue to fall? If it pulls up, the bears are probably going to be liquidated significantly as well. Wait for you to stop the fall first, wait for your performance to finish first. Surely, I will continue to go long in the second half of the night. Although today’s explosive move has stopped me out with this sharp needle, at this time, it is impossible to chase the shorts!
Flowing smoothly with the trend feels easy, but going against it feels chaotic. The market is often not in the state we idealize; this is the market, and it is also a kind of trading practice.