Hey, Black Guy, it's been a long time since you came back!

#白宫首届加密货币峰会

Has Bitcoin Bottomed Out? After touching 78000, is it a rebound from an oversold condition or a true reversal?

From an objective perspective, on the 27th, I analyzed the daily and weekly charts using wave theory and determined that Bitcoin would retract to the 79000 position! Why 79000? Let's look at the daily chart below; 79000 is the support level of the daily main upward trendline. A 38-point retracement from the high is also within the range of a bullish market! So at this position, institutions will buy. If you've experienced bull and bear markets, you'll understand.

Next, let's look at the weekly level. The weekly level just happens to be the accelerated support level for nearly 2 years of retracement, which is also 79000. Both the daily and weekly charts point to the same price of 79000, so I define this as the bottom. That's why I suggested to everyone that they could buy more at this position. If you bought in, you've already seen an increase of nearly 8000 dollars.

So, has the market reversed?
From the perspective of trading methods, we are currently in an oversold rebound. When will there be a true reversal? The key position is 8946. Why 89460? Because it is the starting point of the ultimate shakeout; only after reclaiming this position can we confirm the reversal signal. Otherwise, we will have to continue to oscillate and adjust between the 82000 and 88000 range.
Now let's talk about why ETH has fallen so hard? I suspect it is because after Bybit was hacked, they need to replenish the amount of ETH, so they collaborated with major platforms to short and suppress the coin price, allowing them to accumulate more! Therefore, Ethereum probably won't see significant gains in the near term, it might be better to just focus on Bitcoin!

Contract Operation Suggestions:
Long Strategy: Go long near 82000, stop loss at 78212, take profit at 87000

Short Strategy: Go short near 87000, stop loss at 89467, take profit near 83000

The above strategies are personal opinions for reference only! All positions are in a single position model with 10 times leverage, and those who want to follow should not open a full position model, avoid over-leveraging, and strictly execute stop loss and take profit principles.