BTC Midnight Big Spike 📉📉 110,000 People Liquidated

I plan to enter a long position around 110,000 📈📈 with a small stop loss of about 1%.

1️⃣ This pin bar of BTC, which is this spike, closed quite long. From the market trading sentiment perspective, when the price dropped to 110,000, the market generally believed this price was too low, leading to a rapid influx of buy orders.

Thus, the BTC price quickly moved away from the 110,000 area, rising to 113,000. This is what is known as volume-price analysis, market sentiment analysis, and naked K analysis.

2️⃣ In a previous article, I mentioned that before this spike, the previous low was 111,600, and after the spike, the new low was 110,300. This means it only broke the previous low by 1,000 points, which can almost be considered as not breaking the previous low support, forming a double bottom, indicating a bullish structure in the short term.

Based on these two points, I believe that at this position around 110,000, it's worth placing a stop loss and attempting this long position.

Give it a try, thank you, with a stop loss. After a big rise, there may be a significant drop, so the possibility of a stop loss and a reverse market drop is high. Try with a stop loss, try with a stop loss, try with a stop loss. Important things are said three times 🙂