The market in August
Sent off many people
Many old partners who had come through the last bull market also left the market
Except for the blogger Yongzhuan, most of them have already left
When we think back to the last big waterfall liquidation, the normal thinking is that if it continues to break through 70,000 BTC
Or break through 3,500 ETH, the volume will rise
Before there is a big external positive, a new market narrative and fomo
Why is it rising all the way? Can the exchange bear so much leverage spot?
Look at yesterday's large-scale breakout of 2535 After the heavy bottom, the decline accelerated.
This means that the shorts are very fierce, and they basically want to wipe out the longs and uproot them directly. At this time, it is very difficult to rebound rapidly in the short term.
The only thing we can see is that the 2400 area has entered the strongest and hardest bottom of the weekly line.
In the future, if 2800 cannot be stabilized in September, it is not impossible for eth, a weak chicken, to continue to step down.
But the probability of continuing to plummet is not high now. The main reason is that there are no more longs to be liquidated below. There are only a large number of long orders waiting to be liquidated near 2200!
The technical side is also very weak now. It has been inserted into 2400. The best position has been missed and it is stuck halfway up the mountain. Now it is open and it is neither up nor down!
