What a quiet weekend, the order book is empty...

As expected, yesterday I analyzed the whole piece at 11.70... Yesterday 11.70k really held up this wave...

But saying that, when I saw Ethereum plummeting yesterday, I was still a bit scared when it broke 11.70 a few times... I entered at 11.71, almost didn't reach the 500-point take profit... Later hesitated for a while and just broke even and left...

Woke up in the morning and found that 11.70 indeed held, woke up just in time to test 11.70, hurriedly entered a position... Made a 500-point trade...

If there’s not much liquidity this weekend, I guess it will just hover around the range of 11.70k~11.80k... Old routine, it will hover until midnight on Sunday before the CME opens, then there’ll be some volatility...

Currently, the spot premium is still at an extremely high level... But this is a bit hesitant because the CVD of the spot is not significantly rising... So the spot is not significantly buying, but the premium is high, it can only be understood that retail investors are continuing to short the contracts? So they have pushed the contract prices down, causing the spot premium to rise...

From the trading perspective, the 300+ coins ordered at spot 11.70 yesterday have already been traded... Now the funds at spot are again hanging at 11.60...

Currently, there aren’t any large sell orders above the spot... Only some sell orders are hanging at 120k and 120.7k... The middle area is very clean with no hanging orders...

Similarly, the order book in the contract market is also quite clean... This is still quite unusual for a weekend... Usually, these contract funds would come out to place orders and stir things up... But now it’s very empty...

So right now, actually, there’s not much resistance up and down, small funds will cause relatively large fluctuations... However, the liquidity is too low on weekends, and there aren't even such fluctuations...

At least from Saturday to just before the CME opens on Sunday night, the support at 11.68 and 11.70 should still be effective... The online pressure point is 11.80, which is the breaker block + yesterday's turnover area... But it should have already tested 11.78 repeatedly...

Upwards is still the big gap of PPI... The reference points for spot orders at 120k and 120.8k are still valid... 120k is a psychological barrier... 120.8k was an important turnover range before the PPI announcement yesterday, and there should be quite a few bulls entering here for a rebound, but they ended up getting caught by the PPI... Waiting to close their long positions here, the pressure still exists...