#BTC🔥🔥 After hitting 37500 yesterday morning and encountering resistance
I actually wanted to wait for a small pullback and prepare to intervene in a short-term long position.
But when it was night, the callback did come, but it was too fast.
Because of the current market trend, I think the risk of placing orders is a bit high, so I changed to watching the market and placing orders at any time.
Last night, I turned around and took a pack of cigarettes, and the needle was inserted.
Then the market hit 37500 again and was beaten back
At about 1 a.m.,
A news came out that Binance may settle the lawsuit, but will have to pay a 4 billion fine
BNB started a surge, while Bitcoin quickly pulled back and surged upward again.
But overall, it is not even as strong as BNB
So I opened a small short order near 37500 and went to sleep.
I woke up in the morning and found that Bitcoin was still hovering around 37,500.
Then I looked at the data
Wow, there is a lot of selling pressure above 37500
Judging from the data, the current price remains around 37,500. I think there are two reasons.
First, the main force is distributing, which can be felt from the spot selling data.
The second is to test the pressure of 37500
Regarding the test pressure, if there are multiple upward tests, not many retail investors will follow
Then this test is likely to fail, and there may be a callback immediately afterwards.
At present, I am still holding my small short position and waiting for a small pullback.
Judging from the current trend, if it continues to rise, judging from the current selling pressure
At most, it is a false breakthrough of the previous high. Once a false breakthrough is made on the previous high
Then there may be a slightly larger correction in the future, which may fall below 35,000.
But the possibility of breaking this low is not high.
If there is a callback here, it will be in line with the convergence trend I mentioned yesterday.
The target of the downward correction is probably around 3W6. It may break 3W6, but it should be recovered quickly.
To put it bluntly, this is a way to delay time.
I personally prefer to move out of the convergence pattern
That is to say, my short position will be closed at around 3W6 and long position will be opened.
From a larger perspective, I think the previous high of 38,500 will definitely be broken.
And it is not a false breakthrough, there is a high probability that 4W will be touched
This will completely detonate the emotions of retail investors.
In the final sprint, the final distribution will be completed in December.
At present, it is still possible to make some short-term volatile market moves.
However, it is not yet time to enter the market for medium and long-term short positions.
The above are just my personal judgments. The final trend will be verified by the market and time.
