Welcome to another "Under 7" minute Bitcoin update.
The 23.2 is currently a very useful control point where trades in both directions can be taken with very clear nearby invalidation levels.
As I walk through the video, you can see how the orders in the books are currently shaping especially around the nearby 20.5 range
I'm still currently Long biased despite here I see a possibility to be heading any long exposure and a possible correction into those lows described in the video.
Down there will offer, I think, the chance to long and return to the Daily trend with a possible target into the 28-32k IF we manage to get past the resistance orders chilling at 25k.
It is close to the delicate area of 21k and lower. What is your view @D7R ?
dakian12
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Thanks for the analysis. A kind of a basic question. If we assume most traders do short these days who is gonna buy then ? where these contracts get sold I mean ?
D7R
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@dakian12, shorts are backed by collateral. And on the other side of the trade, there is always a buyer that could be organic or simply market markets who provide liquidity to the market and facilitate price discovery.