Today's Market Overview Looking at today's situation, all I can say is: chaos everywhere, better to watch more and act less... Let's jump straight to the order book (Figure 1). On the left side of Figure 1, Binance Spot... Right now, someone has placed buy and sell orders for N * 100 BTC both above and below the price level. Judging by this N*100 order placement strategy, it seems to be the same person as the one from late September... Currently, the upper resistance is at 84090, and the lower support is at 82910, boxing the price into this narrow 1000-point range... (Meanwhile, on OKX, there's a similar order placement strategy: 82.5~82.7 with a row of 700 buy orders for 100 BTC each.) In this situation, neither longs nor shorts have much room to maneuver... Looking back at today's Asian session, the market pushed up to 83.7k in the afternoon, with contracts actively buying +3700 and OI also increasing by around +3700. Last night, the U.S. stock market opening saw shorts closing positions, pushing the price up. Today's Asian session saw new long contracts chasing the price upward. Especially during the Asian session, liquidity was hit, and a volume-based entry model emerged (Figure 2). However, due to the spot buy orders below supporting the price, the shorts didn't dump much, and the price didn't pull back to VWAP (VWAP is at 83100). So, the current Binance spot orders above and below will definitely impact the regular market trend to some extent... This is a relatively non-standard market situation... -------------- Now, assuming these spot orders weren't interfering, what would today's market look like? See Figure 3. Based on the fact that yesterday's previous high wasn't decisively reclaimed, and the price is still consolidating near the high... Looking at the market, today's target seems to be focusing on the liquidity above 84k on the left side of Figure 2, where I've been marking that big wave of short liquidity for some time now. This could also help repair October's series of weak highs, and there's even a chance to use this fuel to break through and stabilize above 84k. But with these orders in place... This scenario becomes much heavier... The probability of a breakout decreases, while the likelihood of absorption increases... ------------------ So for today, it's still better to watch more and act less... Overall, the bias is towards pushing upward to hit the liquidity above 84k... But whether it breaks out or reverses is uncertain... The spot buy orders around 83k below are too thick... As long as those orders remain, the price reaching this range could be an opportunity for a low-risk long position... If the orders get hit or withdrawn, then it's time to act quickly. Keep a close watch.