6.2 Bitcoin shorts are continuously exerting pressure; have we reached the bottom? Can we continue to short in the future!
In the last 12 hours, data from major trades shows that the total amount sold by large players reached $186 million, while purchases were only $80 million, resulting in a net outflow of $106 million. The buy-sell ratio is 1:233, indicating a clear preference for shorting among major players. Especially at 23:18 and 22:29, Binance contracts sold large orders of $18.05 million and $16.14 million respectively, directly suppressing rebound momentum. Currently, BTC is below the EMA24 and EMA52 moving averages, with trading volume continuously shrinking to an average of 32.13%, and market buying pressure is weak, further confirming the signal of major funds exiting.
The current price of ETH is below the EMA24/52 moving averages, showing an overall downtrend. Meanwhile, the chip distribution reveals that 2548.5 is a strong resistance level, and the dense transaction volume indicates that bulls are clearly under pressure in this area. The latest 1-hour candlestick is oscillating in the 2506-2517 range, further confirming insufficient short-term upward momentum. The MACD shows a death cross and the histogram continuously decreases, enhancing the downward momentum. Although the KDJ has a golden cross, it is hindered by the resistance area, making the signal weak. If the price cannot break through 2548.5, the risk of a pullback increases, with support below at the 2488 low.
Operational suggestions:
Short Bitcoin at 105500-106000, target around 102000-100000. Defense at 107000.
Short Ethereum at 2560-2590, target around 2450-2350. Defense at 2640.
