After the short-term price began to pull back on Monday, the bullish liquidity around 93,000 has slightly increased;
However, I still believe that the quick shift to bearish sentiment won't materialize so soon, as there are still three obvious bullish liquidity gaps below the current price;
Therefore, the current market seems to be waiting for this week's Federal Reserve interest rate meeting, and the probability of maintaining range-bound fluctuations is relatively high;
If the Federal Reserve's interest rate meeting at 2 AM on Thursday gives a hawkish or dovish stance, then breaking out or breaking down from this range would seem very natural...
After all, whether upwards or downwards, the liquidity in the futures market is somewhat insufficient, the bearish liquidity above is virtually non-existent, and most short positions may have already been closed before liquidation;
Moreover, there is relatively little new bullish liquidity below, not to mention three obvious gaps...
Therefore, allowing the price to fluctuate for another two days to continue accumulating futures liquidity before leaving the range can ensure that whether it goes up or down, it maintains continuity;
The current situation actually does not make me very confident about being bearish; I always feel that the fluctuations here will last a bit longer than expected.
The rising expanding wedge and the decline in spot premiums are indeed not very optimistic.
Let’s wait and see after the interest rate meeting.
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