SHORT $BTC | entry 71345
SL: 72100
TP1: 69667
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5% account x50
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View BTC 25/03: leaning down before, price is going down first so prioritize shorting over longing today.
- BTC is still holding above 70k but cannot break out of the 71K region.
- Meanwhile, funding has become more positive and OI is increasing sharply. This means that the long positions are increasing while the price is not continuing, which is a type of market that is very likely to push the price down first to liquidate the long positions that came in later.
- TOTAL is also stalling, USDT.D is not decreasing further, so the upward momentum from yesterday is weakening.
In conclusion: today prioritize the scenario of price coming back to the 69.8k–69.5k region first. Only when BTC regains 71k can we return to a short-term bullish view later, but this scenario is not prioritized.
Action plan:
Do not chase longs at the current level.
Prioritize waiting for a drop below 70k to look at the scenario of dropping to 69.8k–69.5k.
If the price breaks down and then recovers strongly, only then consider entering a long position at that time.
If the price strongly reclaims back to 71k, then abandon the short-term bearish view.
Preferred scenario:
The market drops first to deal with the long positions, we prioritize shorting more today, but wait for a bounce back up before shorting, do not chase shorts.