Yesterday, we explained our neutral bias over short time frames. With elevated futures leverage, we continue to anticipate whipsaw-like price action.
Last night we saw this manifest, with Bitcoin $BTC sharply selling off, giving traders yet another failed breakout signal.
This was the first strong selling we’ve seen in Asian hours for a while. As it stands, this is not a friendly tape for short-term directional trading.
As we said yesterday, this appears to be a “fade the breakouts” type of environment.