BTC Trend Starts to Become Magical
The trend of BTC is starting to become magical. Yesterday, it made a new high with a direct V rebound, and today it directly V rebounded down again. There have been several days of "painting the door" trend, and it was hit to a low point of 35500 in the early morning, with the current price at 36185. The long and short positions have exploded again, with a total of over 198 million contracts liquidated in 24 hours, mainly long positions.
Based on many years of experience, the continuous "painting the door" trend indicates that the main funds will have a major action, and there is a high probability that a new direction will appear soon. The purpose of continuous "painting the door" is actually very simple: first, to clear high-leverage contracts and clear obstacles for future trends; second, to confuse most market participants and make them lose direction in order to conceal the real purpose. This may be related to the recent rumors about whether the Bitcoin spot ETF application will be approved.
As the weakest participants in the market, how should we deal with such a trend? This account believes that no matter how the market changes, always prioritize risk and seek profit while avoiding harm. The "painting the door" trend is an extreme trend where all technical analysis is ineffective. It is recommended to observe more and act less, and learn to give up on trends that are not understood. Opportunities always exist in the market, and all that is needed is to patiently wait for a clear structure to appear, and then strike!
In simple terms about the trend, the current continuous "painting the door" is still oscillating within the 1-hour level consolidation. Yesterday's article clearly stated that if there is no "third buy" above the consolidation, do not go long, that's discipline! If you forcibly chase after a high, the consequence will be getting cut and deeply trapped. Now that the trend has fallen, the same principle applies: if there is no "third sell" below the consolidation, do not go short. The simple consolidation can be used as a reference point for our trading to avoid chasing after rises and killing falls.
Lastly, it is emphasized again that the upward trend on the daily level has not yet been completed, which is the major premise of the current trend. In other words, the overall direction is upward, and any short-selling behavior is short-term. If you insist on taking risks, be sure to defend yourself.
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