$BTC Is the bull market really back? After a few days of rises, it fell for half a year! Is it time to run or to buy? Here are two different levels of charts for everyone's reference.
Let me first explain why I want to open a short position around 95000:
1️⃣ I observed that Bitcoin bounced back and forth in the range of 95500 to 98500 for 20 days from February 5 to February 25. At that time, many people must have thought that falling from 110000 to 95000 was the bottom, especially when it didn't fall below during the box consolidation, which created a false impression that it was the bottom. Many people got trapped at this position, so if you were stuck for a few months and finally got out, would you sell? Therefore, there will be a certain level of selling pressure here, and we will short with this selling pressure.
2️⃣ From the 4-hour structure, we are currently at the upper baseline resistance of the upward channel, which happens to be at 95500. Generally, one would short at the upper baseline and go long at the lower baseline in this kind of channel trading. Once the upper baseline resistance at 96900 is broken, a new channel will be formed, so we will place the stop-loss for the short position at 96900.
From the daily structure, using wave theory for analysis, we are currently in a corrective wave, and the market does not rise continuously; be cautious of drawing downward doors. Although it has not dropped in the past few days, compared to the previous days, it has indeed weakened significantly. A while ago when it was at 74000, I said it was the bottom, so at 76770, I also told everyone to buy the dip. Many people thought it would fall below 7 during the panic, and that’s when we entered the market. Now that many people are looking at 12, I think we should first escape, wait for a pullback, and then buy in.
Strategy: BTC Incremental Positioning Model Short at 95000 with 10x leverage, 2 layers of position Stop-loss at 96900 Take-profit at 91600
