✏️Some friends are curious, how did Lao Huang, this stubborn bear, start to switch to long positions? Especially last night when the market seemed to be crashing, he still dared to go long 🤔
The reasoning isn't complicated. If last week's market was constantly luring bears to enter, then the current market is luring bulls. This situation has appeared several times; after a pullback, there is a quick rebound, attracting bulls to take over and hope for a breakout...
Previously, we always thought the bears had a strong grip, but in fact, the bears are now just hanging by a thread. The consecutive quick rebounds after pullbacks are actually the main force unloading their positions, gradually exiting during the consolidation phase. They buy after a drop and sell again after a few waves, leading to all the bulls ending up on the mountain top. So for us, going long means just riding a wave of rebounds; the big profits 🥩 still come from shorting at high points 👊🏻
Currently, the macro external environment is quite challenging, but the cryptocurrency market stands out on its own. This wave of market movement has basically been driven up by institutions.
📌Now, here's a question for everyone: do you think institutions will gradually take profits and leave to buy quality US stocks at the bottom, or will they push the market to 100,000 before going long?
Anyway, if it really goes to 100,000 at this point, I will clear all my spot positions and play in the US stock market instead 🤣