Hello everyone!
Recently, I haven't written anything or made any comments, while out there people confidently say that 116k, 115k is the support point. Then it goes down to 112k, pulls back, and shoots straight up to ATH. I still maintain my old view that it will return to the price range of 110k. Well, that's their business, today let's listen to the reason why I chose the 110k range as the bottom!
First of all, I am just like you. A regular person, unable to predict the future or watch the stars to know how many points BTC will reach. So 110k (+ - 1000 price) is just a range to observe reactions, and it has a slightly higher probability of hitting the bottom compared to other ranges, but it doesn't mean that hitting that point will definitely lead to an increase.
So why did I choose the price range of 110k (+ - 1000 price) instead of the 115-116k range?
Firstly, the 115.7k range coincides with the 50-day MA. It's also a supportive point in the upward trend. Usually, in an uptrend, the market pulls back to the MA50 to shake off weak retail investors. However, looking at the daily and 4-hour candles during the downtrend, we can see that the support at this price level is very weak.
Next, the 109k - 111k range is the old peak and coincides with the 100-day MA. In technical analysis, the 50, 100, and 200 MAs are important areas that reflect the market's trend.
Now that the market has moved, I have completed this piece. Although a bit late, let's look back together, let's do the 'homework'. The main purpose is to summarize experiences and knowledge for each of us. So that we can go far and last long in this market.
If you ask: oh, it seems like a lot of tricks, did you make any money last night when it went up?
Honestly, I didn't make any money at all. In fact, two hours before the news came out, I proactively canceled all the futures orders I had set before. The reason is simple, I don't want to gamble my hard-earned money with the market. When I first entered the market, I bet much harder than you, with leverage never below x50, especially for BTC and ETH, it was never below x100. Every time news came out, it felt like a life-changing opportunity for me. I made a lot, but then ended up providing liquidity for the exchange. However, the consequences did not disappear with my trading account burning, and I gradually became addicted to the thrill of betting.
Those of you who have been in the market for a long time probably understand that if it's not some terrifying news that impacts the market long-term, the rise due to the news will eventually reverse. Of course, I also congratulate those who dare to bet, and the money you earned is well-deserved for your courage.
P/s: Our group may be small, but being able to casually chat with you, share, listen, and walk together on this harsh financial journey is a lucky and extremely happy thing for me. I am not skilled enough to teach you this and that, but I want to share the experiences and knowledge that I have learned or accumulated after my trading account burned, hoping to convey lessons or experiences that can help our small group move forward together on the journey ahead 🙆.
