After the early hours of last night, BTC futures positions began to decline significantly, because the price is fluctuating, so we can consider that this is the long and short sides are closing positions and changing hands;
The long positions close the long take profit or stop loss, while the short-term short positions also complete most of the take profit;
Compared with the same price on the left, the current position is even lower than when it came up before;
Unfortunately, I have never seen a large sale in the futures market, so the futures in the middle of the chart is bought in large amounts, probably planning to carry it to the end!
$BTC's long liquidity rebounded before it was cleared...
In the short term, there is actually the possibility of another needle downward, but the spot congo has returned to positive, and futures positions have begun to decline, and the risk of direct door drawing has now been lifted.
It's good to close out short-term longs, but the most unfavorable factor for the price rally right now is the lack of short liquidity...
So I feel that even if we can get out of a nice rally here (0.618), we will have to come down and liquidate 2 more times...
The bulls will not be scared away by a wave of pullbacks, just like the bears have been liquidated many times in a row before they become today's state of opening a small position with low leverage...
The small-level trend is still in the bearish trend, and the large-level trend is still in the bullish trend, so you can see the small rebound + pullback, but you can't see the reversal for the time being...
The diagram of the falling wedge sent earlier can be referred to ~
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