Don't know how to read the market?
Today, CME closed at around 95800. This weekend is expected to fluctuate around this level, with bulls and bears in a tug-of-war. Many people are claiming it will soon reach 100,000 because quite a few believe it has stabilized above the MA120 bull market line, thinking that any pullback is a good opportunity to buy the dip. The current FOMO sentiment in the market seems a bit over the top.
Isn't this exactly what the big players want? Why aren't they driving the price down? Just take a look at that pile of short positions around 83,000 to 85,000, and you'll see it's frighteningly high. They keep pushing the price up, and the shorts can only helplessly cut their losses. Once everyone starts chasing to buy, the big players will likely turn around and hit hard. Hasn't this kind of drama happened in the crypto space before?
Currently, the 4-hour chart shows a divergence, and although the candlestick wants to push up, it keeps getting stuck. Just brushing past high points isn't very useful. There's some volume at the bottom, but the price just can't seem to go up, with selling pressure looming large above. It feels risky. Even if it tries to push up a couple more times, it will likely be at the end of its strength; the harder it pulls, the harder it will fall later.
The more I look, the stranger it feels; there aren't really any significant positive factors. This wave doesn't seem like it's going to reverse, and it looks like they might want to hype it up before finding an opportunity to dump and harvest. Let's all be cautious; such emotions test endurance more and more, and time will provide the answers.
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