The market is quietly setting up a trap that will catch most people off guard in the next few minutes.
Everyone is panicking over these consecutive red candles, thinking we are going straight down to break the daily lows.
But check out how the price action is behaving right now at 62,648.2 in 1000497873.jpg. Even though the bears pushed it down from 63,050, the selling volume is actually starting to taper off as we approach this local support floor.
We are sitting right on top of a major pivot zone. If the buyers manage to hold this level for just a couple more candles, we could see a very quick squeeze right back up to 62,900. I am waiting for the order book to show a firm bounce before doing anything.