Market update 27/9

in LeoFinance2 months ago

Hey guys
🤔 Reviewing the sentiment and market mechanics it makes me think we still have some upside left, with the predominant theme that this is a possible trap move – ‘’We’re still in a bearish trend’’ Type chatter seems to be the overarching bias.

⚙️ **Market mechanics **⚙️

👉 And this kind of aligns with the market mechanics – The pump today is being shorted heavy. Very heavy so people are still very pessimistic.

👉 Still showing 22k MAX PAIN on BTC for the options expiry this Friday. 1500 for ETH.

🔥 Heatmaps show we still have some more upside liquidity we can grab. Before a flush back down.

🔎 🔎 **TA – What I think the MM looks to do here… **🔎 🔎

Most retail traders are looking at the down sloping trendline from 50k – its pretty much a perfect line down from 50k to here and we tag that line at around 20.7k. The move below imo is the best strategy for the MM – Pull price above that line – Get the retail side of the market super excited that we’re finally breaking out of the almost year long downward sloping trendline – Hit the max pain level on Friday – 22k – All the while people will say 17k was the bottom… Then dump it.

🙏 I really need more convincing signals from the wider market that this was the bottom and we’re out of this predatory price action cycle.

🤔 One could argue the move today is all we’re going to get… I’m still 70% confident we hit that 22k level and complete the move I’ve outlined but we have to consider this was it. So I don’t consider late long plays here good RR – That trades done and now we’re in a good position to raise SL’s / take some profits and see what more we get.