$BTC Evening Viewpoint:
Many students open positions and often use their imagination; when they open long positions and encounter a pullback, they start to panic, thinking it will drop. Originally, it was a trend long position, but because of your lack of understanding, you closed it early. When you see the price rise again, you chase in, but this time it really is a pullback and you cut your losses.
After several back-and-forths, you lose more than half of your funds.
Why does this happen? Because you cannot understand the market, that’s why you panic.
🕹️
Speaking through the chart: The trend line that has suppressed Bitcoin for a long time has been broken; are you still shorting?
There are no good shorting conditions until Bitcoin falls back to the trend line; unless you short at the upper resistance, the left-side trading risk is very high, and you can only profit from pullbacks.
Alternatively, you can only wait for it to break below the key support on the right to short, which sets up the pattern. So why not wait for Bitcoin to retrace back to the trend line to gain support and then go long? Wouldn’t that be more certain than shorting at a price that is fluctuating?
The market is not just about going short when you see it rising a lot or going long when it drops a lot; you need to understand the trend and find key positions to trade.
Bitcoin has broken through 107171 with volume; go long on the right, and if it breaks down through 106872 with volume and can’t recover, go short on the right, taking note of volume changes.
🕹️
Bitcoin has stabilized above 107261 on the hourly level, looking upward towards 108008-108784. As long as Bitcoin holds above 107261, the market is reversing, not just bouncing back, and will continue to break upwards.
On the 4-hour level, if 106577 breaks down and can’t recover, look down towards 105829-104833; as long as it doesn’t break below 105829, there’s no problem.
Continuing to look at the chart: Bitcoin has currently bounced back to the 61.8% Fibonacci position and faced resistance. If Bitcoin can break and stabilize above the 61.8% position at 107394, at worst, you can also see the 78.6% position, which is 108694. If retail investors see Bitcoin rising and short, they provide fuel for Bitcoin's increase, and you might even see Bitcoin at 110350 again. Meeting adjourned.
