Will there be a crash if 111,000 USD is not broken?
From the weekly chart, although Bitcoin had favorable news last week that stimulated trading volume, the closing price still couldn't break the previous high of 111,000 USD. This indicates significant pressure from above, with a huge divergence between bulls and bears.
The positive effects of the Bitcoin conference have almost been fully digested. Now, relying on Trump to release some major good news feels a bit precarious, almost like gambling. So this week, I plan to try shorting first, and today I will open a short position around 110,900 USD. If the price breaks 111,000 USD, I will cut my losses and admit defeat.
If I do get stopped out, the price might push up a bit during the conference, perhaps to around 111,300 USD, but after that, it's highly likely to fall again, and I will look for another opportunity to short.
However, let me clarify that my shorting this time is just for a pullback, not a reversal. If it really drops below 104,000 USD, I might consider buying long again.
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