What will the market do next?
The liquidation chart shows that there are over 100 million long positions ready to be liquidated around 9720000, and 100 million short positions ready to be liquidated around 99200, making the long and short liquidations evenly matched.
So, what will the market do next? I will blindly test first up and then down, clearing the 99200 short positions first, and then going down to clear the 97200 long positions.
Bitcoin surged to 98430 last night completing a retest of 95630, and then the price surged to 99100. Currently, it is in a range pattern with an upward trend, still having the potential to break above the range. The next target is 100500, with short-term support at 96500.
The market still has a wave of offensive phase, and the entire pattern must effectively break below 91500 to be considered finished. Remember not to touch the top; if it breaks key support, just observe. As long as it is within the pattern, continue to defend and go long. Foreigners are playing with national systems, and traditional institutions with large funds are all involved. At this time, everyone blindly guesses it is a bubble; can bubbles show us? If it can be imagined, it is not a bubble, but still, be cautious in going long, maintain good defense, and enjoy the bubble.
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