So this is a typical “liquidity grab” scenario as what traders like to call it. Basically means that many are shorting from this area with tight stop loss hence they get stopped out easily before the trade eventually moves into their predicted direction.
Painful but it is what it is. This is why it will always be easier to trade with spot compared to leverage. Precision is key when it comes to leverage. Esp on high leverage. Whereas, on spot things are more forgiving as price can retrace all it wants but if at the end of the day, the daily chart closes to your liking, you can always keep holding onto the trade.
The downside for this is limited gains compared to leverage. But don’t be fooled by influencers posting +200% for their trades, next thing you know they might just be putting in a dollar per trade to farm engagement lolol.
For many, (including myself) avoiding leverage and focusing on buying at major support levels and selling after each bounce would make sense. Pentoshi style to say the least.
Greed will eventually creep on you if not kept in check. Being objective is key. Have a plan and execute it. If ETH drops till $750, I’ll defo be buying some. Prolly selling on the bounce if it is decent and buy some lower again.