Yesterday, I placed a long order for Bitcoin at over 108,500, today it hit the lowest at 108,559, just a tiny bit short of getting in. If it were someone else, they might say to adjust the entry point or mention that Bitcoin is around 108,500, and it could have rebounded to capture a profit of 1,200 points. 😂
Last night when Bitcoin was at 111,500, I told the community members to set this long order. At that time, the entry point was still 3,000 points away, and many thought it was too far. Now, looking back, it's just a stone's throw away. 👀
During market fluctuations, whether it's an uptrend or a correction, the volatility is severe. Don't easily enter the market with left-side trading unless at key positions. The 108,500 level for Bitcoin is a weekly support level and also near the 120-day EMA average, so I chose to place my order here. This is the logic behind selecting the entry point!
As everyone saw in my last post, last night I advised others to aggressively short. I shorted a few altcoins, as the weak and volatile correction often sees greater downward pressure on altcoins.
Now Bitcoin has tested near 108,500 once, and there should be a nice short-term rebound coming up. It's time to plan for long positions!
