币毒

June 6 Morning Update: The market is still retracing, BTC at 61278 (-2.9%), ETH at 1593 (-8.9%), BNB at 576 (-3.7%), SOL at 64.7 (-5.2%). The total market cap is back around $2.19 trillion, and risk appetite is still cooling off.

Don't rush to call the bottom just yet; first, let's see if BTC can hold the 60k level. As for altcoins, hold off on jumping in; let's wait for sentiment and volume to warm up together before making any moves.

I've been through the 94 crash, the FCoin exit scam, the 312 and 519 events, the AEX exit scam, the 1011, 84, 1220 events, Brexit, the Luna meltdown, the Three Arrows Capital collapse, the FTX blowup, major exchanges delisting, mining rig recalls, multiple regulatory crackdowns, the US stock market circuit breaker, the Ukraine war, Middle East airstrikes, Grayscale's dump, the US government intervention, the German government's actions, miner and whale sell-offs, the Fed's continuous rate hikes, and stock market circuit breakers in Japan and South Korea. In short, what I've lived through is a plot twist that you couldn't even write in a novel; no one else has experienced the wild ride I've had in just a few short years. So, this little dip doesn't scare me at all.

Last night's livestream covered everything that needed to be said. After closing those two positions this morning, I shorted two more at the morning lows and held on all day. Just closed everything out.

Like I always say: this market doesn’t really require much technical analysis or position management; it’s all about having the guts, not just the brains of Tsinghua or Peking University.

Just closed my positions. It's the weekend, let's see if there's a bounce.

Remember this: trading is dynamic; don't be rigid, don’t get fixated, go with the flow.

If you haven't joined the group yet, make sure to click on my avatar, go to my profile, and check out the chat and copy trading options.

First order copy, doubled up, congrats to the bros who followed along 🎉
Remember to take out your initial investment first when doubling, that way it makes it easier for me to open positions 😉
For those who haven't joined yet, click on my avatar to head to the personal center, where you can check out the copy trading and chat room.

This is the best practice; the community was still talking about my floor short last night.

Woke up this morning, and it flipped to profit. A lot of newbies still haven't figured out the current market trend. Remember this: in a bearish trend, shorting can get you trapped the most, while going long will eventually lead to liquidation.

As I'm writing this, $ETH has dropped below 1700, next stop: 1400.

It's all good, after all, the trend is here.

Don't just focus on making gains; you gotta keep an eye on the dips too. It's totally normal to have losses and profits in trading. If you're looking for a perpetual profit guru, take a left and find a scammer. Look for those who hedge their positions, who teach with a 10u strategy, or those who photoshop charts.

Only the new retail traders who just entered the game still can't make heads or tails of this market action today.
Today's bottom could be tomorrow's top; at times like this, it's not about the technicals or position management.
It's all about having the guts, just like Wang Jianlin said, a degree from Tsinghua or Peking University isn't worth as much as having big balls.

Maji: Thanks, crypto.
Going long on $ETH has racked up a loss of 60 million bucks.

A shocking reversal, this big short with $HYPE flipped from short to long, opened a 2x leverage position at 71.12, holding 117,700 coins, currently in the red.

Notably, this dude's 890,000 coins in spot are still untouched.

Even though I said I'm done with altcoins, it feels like there's a bit of conspiracy theory going on with this guy, pure honeypot fishing strategy. — Personal opinion, not investment advice.

Unbelievable, I used ChatGPT to look up answers for my exam and got cold feet about writing them down.

I had ChatGPT and Gemini tackle 30 multiple-choice questions, double-checked a few times, and the answer was still all B's.

Maybe the toughest part of this test is believing that 'there really could be 30 questions all with B as the answer.'

Old Black just liquidated his $HYPE , not sure if it's due to the dip. This dude was talking about hitting 150 just a few days ago, and today he chose to exit completely. Old Black is an OG in the industry and a boss of an exchange, but he's not doing too hot in the exchange space right now; still got some skills when it comes to trading coins.

Closing strategy: as shown in the chart.

Learned my lesson at $HYPE , managed to recover some losses on Bitcoin $BTC and $ETH .

Gotta stop getting cozy with altcoins; every time I get burned by them, it's the mainstream coins that help me heal.

And this isn't the first time, it's got me feeling a bit guilty now, like I'm letting down Bitcoin and Ethereum.

Lost at $HYPE , but made it back on the big dog $BTC .
Gotta try to avoid heavy bags of altcoins from now on; every time it's been altcoins that bleed me dry while the majors cover my losses.
This has happened more than a few times now, and I kinda feel guilty, like I'm letting down Bitcoin and Ethereum.

Morning, let's not talk dreams today, let's discuss the pullback.

BTC is currently around $63,219, down 5.3% in the last 24 hours; ETH is at $1,791, down 3.8%. The total market cap has dropped back to around $2.29 trillion, down 4.2% in 24 hours, but the trading volume has surged by 133%, indicating this isn't just a gradual decline but a sell-off driven by emotions.

On the charts, BTC has hit a weak point close to the end of March. The market now feels like it's trading on 'lack of new money', rather than just offloading onto a single whale. At this level, I'll be watching two key things: first, can BTC quickly reclaim $64,000, and second, can ETH hold the $1,800 level? If it can't hold, altcoins are likely to take another hit.

On the news front, it's not all bearish. CoinDesk reported two things last night that I think are worth noting: one is that Stripe, Visa, and Mastercard are rumored to be looking into new stablecoin platforms, showing that traditional payment giants are still betting on on-chain settlements; the other is that pro-crypto political funding continues to have a presence in the primaries here in the U.S., indicating that regulatory concerns aren't completely dead.

So, my understanding for today is quite simple: respect the risks in the short term, don’t rush to catch the bottom; but in the medium term, don’t disregard the main narrative of stablecoins, payments, and compliance just because of one big red candle. When the market is looking weak, it's often a better time to clarify where the real funds are willing to step in.

Crypto is living its daily grind and facing the current situation.

1️⃣ Institutions are shifting their strategies to sell.
2️⃣ The US stock market is too strong, grabbing attention, including exchanges.
3️⃣ The World Cup is just around the corner, and the world's most hardcore gamblers are heading there.

Ask yourself, would you be buying the dip right now? If not, then who will?
Trading is all about identifying the buyer profiles; if you can't find them, you need to lower the price and keep searching until you find those buy-side profiles.

How to tell if we’ve hit a bottom phase?

Check the market sentiment, then look at the fees and open interest changes.

Ask yourself honestly, would you buy spot at this price level?

If you feel like it’s time to stack some sats, then go for it. If you’re not ready to jump in, why expect others to? Everyone wants to buy at a discount, right? This whole game is a circus, just follow your gut.

Good news: Maji didn't get liquidated during the morning dip because he kept reducing his position.

Bad news: He jumped back in with 25wu, doubling his Ethereum position to a total of 4075 at a price of $ETH , with an average entry price of 1866 and a liquidation price of 1831.
💥

What do you guys think? Is the morning dip over? Can Maji turn this trade into a profit?

Woke up to see $BTC starting with 65, and in just a few days, it’s taken a nosedive of thousands 📉

No hesitation, no second thoughts, just straight to the point.

The entire drop saw no bounce at all. Who's selling off at any cost? It feels like only outsiders could pull off such a move; after all, insiders know to give the retail traders a breather before dumping. This is a straight-up death spiral.

The most crucial part is that the funding fees show there are still plenty of folks leveraging to buy the dip. Are they doubling down on themselves? Only the wise know to read the market.

Time to let go of the eternal bull market fantasy; this market is about to reassess.