The logic is simple: $75K is a massive level of trapped positions, and even if it bounces to 80K, it won't affect the oscillating downtrend adjustment at higher levels. Below at 72K and 70K are all liquidation levels, pulling the price down like magnets. The grid target for the small range is first 72K, then we'll look at 70K when we get there. Stop loss is set at 76,500. If it breaks through the previous high again, I'll wait for the next segment range to set up a grid. The Fed is meeting tomorrow, so the market probably needs to choose a direction. If it breaks below 73,500, the downtrend will be confirmed. Let's see if we can catch a bounce pullback trade.
Just opened a short grid on the bounce at 74,500.
The logic is simple: $75K is a massive level of trapped positions, and even if it bounces to 80K, it won't affect the oscillating downtrend adjustment at higher levels.
Below at 72K and 70K are all liquidation levels, pulling the price down like magnets.
The grid target for the small range is first 72K, then we'll look at 70K when we get there.
Stop loss is set at 76,500. If it breaks through the previous high again, I'll wait for the next segment range to set up a grid.
The Fed is meeting tomorrow, so the market probably needs to choose a direction. If it breaks below 73,500, the downtrend will be confirmed.
Let's see if we can catch a bounce pullback trade.