$BULLA this morning dipped to 22 and quickly bounced back to around 32. The overall trend is actually close to my previous judgment of a downward liquidation of long positions, followed by a rapid recovery that does not give shorts a good exit position. However, I did not anticipate that it would dip as low as 22. The core reason is that last night, smart money increased its long position in BULLA by nearly 1M, with an average opening price around 32. If it drops to 22, any position with more than 3x leverage will be liquidated.

However, even if it reaches 22, the long positions still have over 1M, which indicates that it won't be so easy to shake them out. This suggests that the market makers may give up on continuing the downward trend.

I guess there will still be significant volatility to shake these long positions out. It might be near their cost lines to give them a chance to break even, or it is also possible that it will go to even lower levels to test their liquidation lines.