Where can this BTC rebound go?!
Although I was slightly trapped in my long position at #BTC yesterday, fortunately I still had some short positions in altcoins, and after a drop, the profits from the altcoin shorts are substantial. This rebound is about to reach new highs again; it may be slow, but it is steadily going up, allowing for a peaceful sleep. Here are my latest thoughts:
1. From the perspective of chip structure: there is resistance above at 104000/105000/107200/108700, and it's challenging to break through these four resistance levels consecutively during a rebound. Currently, BTC is in a bearish trend in the small time frames below 4-6 hours. Although I have long positions, I must objectively say that starting with small time frames indicates weakness. The first target for the rebound is 104000, and we will discuss further afterwards.
2. From the perspective of estimated liquidation: going down to 100000 can only trigger 280 million, but pulling up to 107000 can trigger 1.5 billion. This difference is quite significant. Whenever such a huge discrepancy appears, the market is prone to reversal, but considering the chip structure currently, I believe it's also quite difficult to reach 107000.
In summary, there is definitely going to be a rebound here, but the potential seems limited. After all, it didn't break 107000 even when there were no bearish news in the last two days. Given that market sentiment is already so poor, breaking 107000 again seems quite challenging. Once it surpasses 104000, I will start gradually taking short positions in altcoins while considering closing my long positions. Regardless, reaching a new high in the actual market is not an issue.
Lastly, I want to mention that you can chat with me at 清水的小天地; sometimes I share my opinions there.
