Jiangshan: The calm before the storm of Bitcoin, are the bulls running out of ammunition?

CN
江山丶
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1 year ago

Looking at this seemingly still plate, I want to write something, but I don't know where to start all of a sudden. Unable to rise, unwilling to fall, it's been entangled like this all the time. Even if it's a mistake, it's not satisfying at all, and even if it's correct, it's so agonizing. Some people say this is the calm before the storm, the darkness before dawn, all waiting, all expecting, as if it's about to break through, yet there seems to be no movement…

The long-short game market starts every day in the early morning, and it's really hard to endure. Yesterday, the price continued to push towards the 38000 level, but still did not accelerate to break through strongly. The daily chart once again left a long upper shadow, the same formula, the same taste, the price hasn't changed, but the orders are gone. So, there is no doubt here, I am still a bear, don't ask why, I just see wide fluctuations, I don't look at bull markets in this lifetime, and I definitely won't see big waves before Christmas. So, I don't set stop-loss orders for my trades, and if you are the same, I suggest you control your position.

From a technical perspective, the price has once again reached 38000, with a long upper shadow on the daily chart, and without volume support, it can be said to be repeatedly bearish. If you are also a bear and dare not short at 37000, then I think the risk-reward ratio for shorting at 38000 is very high at the moment, it's just leaving some positions to see if it can fill in at 39000-39200.

Strategy: Short at the current price of 38100, take profit at 37500-37300-36000.

Personal advice, for reference only. Take profit according to your own situation.

Let me be verbose again here, why I don't look at bull markets now. I have mentioned it before. As investors' awareness increases and the cryptocurrency market grows, it's like the "certain oil" back then, it's very difficult to see a bull market in this lifetime. Even with the impact of production cuts and the approval of ETFs, it's very difficult to see the price of Bitcoin break through to a new all-time high again. I remember in 2021, many friends held positions and resisted at just one or two thousand points, and their mentality was very good. Based on the current market conditions, I think it's not a big problem to control your position and resist a bit. But for beginners, I still don't advocate holding positions. If your position is heavy, you can only trade short-term, a few hundred points is not a big problem. If your position is light, your mentality is also good, and holding onto the trend is not a big problem. So, I still recommend that everyone should treat it with a calm mind and maintain a good mentality, so that they can integrate knowledge and action.

By/ Jiangshan Public Account: BTC Analysis and Suggestions. You can also scan the QR code below to follow me.

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