$74,000 Correction gamble, Why do I still dare to go short?

@Gate广場 Weekend market I stand "📉 correction decline". BTC has currently reached $74,000, and I choose to open a short position here to gamble on a correction. The reasons are as follows:

1. Key resistance level
$74,000 is the "bears' last line of defense" mentioned by multiple analysts previously, and also a level with massive short stop-loss orders. The long-short battle at this position is most intense, making sharp pullbacks likely.

2. Short squeeze nearing completion
This rally was mainly driven by overly crowded shorts (long-short ratio once at 1:7), pushed by whale liquidations. Now shorts have been mostly cleared out, and the "fuel" for the uptrend is running out.

3. Weekend liquidity
Weekend market depth decreases, above $74,000 is "thin air", once buying pressure can't keep up, prices will easily crash down rapidly.

4. Risk management
If price holds above $74,500, I will admit I'm wrong and stop-loss. Opening shorts at this position is left-side trading, light positions + stop-loss is the bottom line.

$74,000 are you looking for a breakout or a correction? See you in the comments! Wishing everyone a pleasant weekend.

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