#btc #比特 4/21 Bitcoin Market Analysis
The current market is fluctuating around 88k, accumulating long and short positions. Currently, the long-short ratio is severely imbalanced, with too many people shorting!
Many may think that the recent decline in the US stock market will lead Bitcoin to drop as well, but the current market state shows that Bitcoin is decoupling from the US stock market and gradually exhibiting characteristics of a safe-haven asset, possibly due to funds fleeing from US bonds and stocks into the crypto space.
Now that the price is at this level, there is a significant amount of liquidity around 89-90k, and there is no doubt that it will come to absorb this liquidity! The current question to determine is whether it will stay above or just briefly break through and then pull back after consuming the liquidity!
Key price level: 88900
This price is the bottom support level of the upper range 89k-11k. If it breaks through with volume and stays above 88900, and continues to fluctuate upward after a few retests, market sentiment will be ignited, and everyone will start to chase long positions!
Currently, there are several entry points for increasing positions:
1. 83900
2. 86500
The third point will be 88900. This price level today will likely be reached by burning short positions and rapidly pushing upwards. Close attention is needed to monitor whether the price can effectively support 88900 after a retest, without quickly falling back down!
1. If it retests upward, positions can be increased.
2. If the price quickly falls after consuming the short fuel, it indicates a large number of long positions exiting, which may trigger a correction, aiming for a target of 76-78k.
Personally, I hope to hit the stop losses at this level and undergo a major correction, as this will provide a second opportunity to enter at a lower position. Currently, the trend is to stop the decline and initiate a rebound, but the current market is not a clear upward trend, but rather a rebound. It needs a major correction to create a higher point before continuing to rise to form a consensus on an upward trend!
Strategy:
If it fakes a breakout at 88900, close long positions and chase shorts, targeting 76-78k, with a stop-loss set at 95k, the risk-reward ratio is not favorable.
If it breaks through 88900 and establishes a stable position, increase long positions, set the stop-loss at 86500, with the first take-profit target at 95000 and the second take-profit target will depend on the price reaction after it goes up.