Main focus $BTC | Strategy: Short, place the order on the table first
$BTC current price 84,656, on 10/02 a spike to 87,249 then pulled back to close at 84,482 — this move shows the "flash step is completely mastered," flashing up then flashing down, a 2,767-point upper shadow hanging there like a streetlight.
Short. Place short orders between 85,200-85,633, stop loss at 86,200, targets at 83,500 / 82,500, capped at 5x leverage.
Why short? Long upper shadow rejects adding OI, net inflow of 560 million over three days but price did not make a new high, meaning bulls are lining up on guard. The market makers are also rushing to offload their positions to you.
$BTC main chart to watch first
The main chart tells a story with 7 candlesticks: On 9/28 a big bearish candle smashed down to the weekly low of 82,500, on 9/30 a rebound to 85,633 was suppressed, on 10/02 another push to 87,249 was smashed back to 84,482 — two attempts to break through both rejected, the ceiling at 87,249 is getting harder.
Drawing lines: The descending pressure line connects the peaks from 9/30 at 85,633 to 10/02 at 87,249, although the slope is upward, the long upper shadow on 10/02 directly proves this line must not be touched; rebound T1 is about 85,600 (current price and resistance midpoint), T2 about 86,500; support level 2% below 82,500 is about 80,850.
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