Today's Market Overview Binance's CVD is still rising... Spot buying continues... Friday's SFP and today's Asian session high SFP are both good intraday entry points. (Figure 1, Figure 2) I caught it on Friday, but missed today because I was sleeping... I woke up to find that spot traders had placed 5*100 BTC sell orders, and some long positions were placed via TP... It's still possible to buy on dips. --------- Last week, short sellers entered the market in two main waves: one at 80.4k immediately after the event, and the other at 79k after the first sell-off... At the same time, there were also long positions that entered at 79k during the first wave. (Figure 3) Only a break above these two levels with significant volume can trigger a short squeeze. The first attempt to break 79k in the Asian session failed, and now it's being suppressed by spot traders. If there's still an opportunity around 78.7k today, it's a good place to short (the condition for failure is that the 5*100 orders from spot traders are absorbed or canceled). There are also spot orders at 77.5k now... This area needs more observation; it's a bit aggressive. ---------- The areas to watch today are still as shown in Figure 4... If it goes up to around 78.7k again, it's likely to be pushed back. Conversely, if it breaks above 79.2k with high volume on the 1-hour chart, while OI decreases, it's easy to force a short squeeze to the 80-80.4k area, the second short entry point. Downwards, the 77.5k spot zone is 50/50 whether it breaks or not. If it breaks, the area around 77k is a minor support level for trapped shorts. Coinbase also has spot orders guarding 77k, so this area is a potential entry point for the previous low. Further down, below Friday's previous low, is a place where liquidity accumulates, perhaps where more people are waiting. There might not be an opportunity today. Unless US stocks crash again today. Currently, the US stock market recovery seems decent. A break below today is not necessarily going to happen. ---------- The key for the rest of this week is whether US stocks can rise and whether ETF buying can return. If buying doesn't return, there's a possibility of repeated tests of the 74-76k level over the next 1-2 weeks... Conditions for a right-side reversal to bullish: ETF inflows, improved risk appetite after the US midterm election results, and a hold above 80k. Conditions for a bearish reversal: Daily close below 74k (breaking the cost basis for short-term holders on the blockchain).