Market change urgent reminder! The cryptocurrency market faced a sudden three consecutive drops, this strong sell-off is by no means the result of blind manipulation by the whales!
Yesterday, a large number of retail investors were waiting for a small rebound to recover their losses, but unexpectedly, the market directly went through three consecutive bearish candles relentlessly, and the bulls completely collapsed without any power to fight back, with market panic sentiment reaching its peak.
Remember the essence of trading, when others are greedy, I am fearful. Be cautious of a short-term counterattack from the bulls; prioritize taking profits and exiting if holding short positions. Floating profits are ultimately just illusions; only successfully pocketing them translates to real cash in hand.
BTC Subsequent Short Position Accumulation Operational Ideas
Add short positions for Bitcoin above the zero axis of the channel, gradually pulling back; if it drops to the daily Fibonacci ascending channel's key support level of 71000, a natural rebound will occur after hitting this level, with the rebound range basically between 73000 and 74000. This position is the most suitable first point for adding short positions.
If the second short market above 60000 steadily breaks below the 71000 support, the downward pressure will directly increase, quickly falling to the area above 60000. At this level, a significant amount of capital will enter the market to bottom fish, coupled with the bulls actively defending the market, leading to a weak rebound, which is also a very good opportunity to add short positions.
As long as the price completely breaks below the 60000 mark, the bulls' mindset within the market will completely collapse, with a large number of bull positions concentrated on stopping losses and exiting, leading to a continuous downward trend in the market.
The first round of rapid downward movement is likely to drop directly to around 45000, making it temporarily difficult to touch the major cycle 0.618 level at 42000. After reaching the low, bottom-fishing capital will enter and support the market, leading to a short-term rebound, with the overall adjustment lasting one to two months, and the upper limit of the rebound basically capped around 60000.
The rise from 45000 to 62000 is merely a weak rebound, a pure dead cat bounce, not indicating a true bottom reversal in the market. The overall bearish trend remains unchanged; it will continue to oscillate downwards and consolidate for two to three months, with fast downward spikes expected during the process, testing the level above 38000, intentionally creating panic to induce short positions and revealing the true golden bottom range of the market.
The deep bear market has officially arrived now, with a prolonged adjustment period and sufficient time for bottom consolidation. The next bullish market is unlikely to start until early next year at the soonest. Maintain a steady mindset to endure this bear market trough, patiently await the market revival, and you will welcome a new round of bullish market conditions.
Official Account: Big Bull Talks Market
Disclaimer: Trading is not divine; do not blame gains or losses. The above opinions are merely personal market perspectives and do not constitute any investment advice.
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