Trump Technology Group (DJT) stock price plummets, US stocks and Bitcoin hit the brakes, and I begin to doubt whether we have overly romanticized the bull market after Trump's election. After a night of intense trading, I still exited with a small loss of 1,000 points in the morning.
Yesterday, Trump was still on Twitter "enthusiastically congratulating" Bitcoin on its 16th anniversary, claiming he would end Harris's "war" on cryptocurrencies, and even threatening to "make Bitcoin in America." He didn't forget to add, "Vote for me!" His intention to become the 'big brother' of the Bitcoin world is obvious.
What was even more jaw-dropping was that overnight, Fox News surprisingly "turned" against him, with public polls showing Harris actually leading Trump in several key states. This sudden reversal raises doubts about whether the wind has truly changed or if Fox is playing some new tricks.
At this stage, Bitcoin has dropped all the way back to the bottom of 68,800 and has started to stabilize at a low level during the day. In the short term, there hasn't been a clear signal of a bottom yet, and from a daily perspective, there is still some bearish space at the bottom to continue. The only thing we need to be aware of is that in the short-term day trading phase, there is a high probability of a slight recovery trend; it’s not advisable to hastily enter a short position. It’s still recommended for everyone to wait until the pressure near the top and bottom conversion position before entering a short position. Alternatively, wait for the next support at a lower point to enter a long position with a spike.
Reference suggestion:
Buy on dip near 69,100, add at 68,800, protect at 68,200, target upwards at 71,500
