Stable operations will lead to stable returns. Every move brings gains, which is experience, wealth, self-training, or even the occurrence of miracles.
I remember mentioning in a post a long time ago that a brief rebound does not signify a major change in the market. The entire bearish trend has not changed. Since the brief rally last week, it has encountered resistance and retraced. The strong resistance levels for Bitcoin and Ethereum are 27,500 and 1,650 respectively, making it difficult to break through in the short term. Many people will be trapped at high levels during this retracement, which is quite normal and depends on an incorrect judgment of the trend.
Recently, many friends have been messaging me asking how to get out of the trap. In fact, it's quite simple to get out of a long position trap, as long as you have enough room to operate. The first step is to set a stop loss, which many people are unwilling to do. However, sometimes a stop loss is a way to reduce losses when there is no possibility of a trend reversal. Of course, there is still a chance of a reversal at this time, so there is no need to set a stop loss. The second step is to lock in the position, which is best avoided unless absolutely necessary when the liquidation price is close. The third step is to add to the position. With enough room to operate, adding to the position and averaging the cost can help to break even or exit with a profit during a rebound.
Before starting the day's operations, it's best to analyze the entire market situation. There is still room for further decline on the hourly chart. The bottom of the evening decline should be around 25,800 and 1,550, so we need to focus on these two positions for long positions. It's also important to have more patience and wait for the right entry points.
Long Bitcoin in the 25,800-26,000 range, with a target of 26,800-27,000 and defense at 25,500.
Long Ethereum in the 1,550-1,570 range, with a target of 1,630-1,650 and defense at 1,530.
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