Over the weekend, Bitcoin reached a peak at 88765, hitting a small top. In the previous article, Long Ge mentioned that this surge in Bitcoin was aimed at blowing up several large short positions. They all started shorting around 84-85, and it's clear that this big rise is targeting those accounts!
Long Ge's bearish outlook is still correct. After the significant rise in Bitcoin, there will definitely be some whales starting to harvest. The current strategy is to see whether Bitcoin will continue to drop below 85000 points. There are two possible movements for Bitcoin now: one is to continue dropping to around 80000-81000 for a bearish trend, and the other is to find support around 85000 and continue upward!
Now let's take a look at the WIF cryptocurrency. Long Ge mentioned in earlier articles that if WIF rises above 0.5, it can be a good opportunity for a long position. It indeed appears to be the case! Now, WIF must hold above 0.5 tonight; if it does, then 0.5 will be the lowest point. If it breaks below, we will look to go long at 0.45!
