Chen Bin's Point of View: Bitcoin Continues to Pull Back with the Help of 38,000, Aiming for Mid-term Short!
Sometimes, you may dislike the volatile market, and sometimes, you may fear a one-sided attack. However, the market is made up of countless instances of volatility and one-sided movements. Facing it is the only choice. Only do what the market is good at, and complaining cannot solve anything, especially since reaching 38,000.
Therefore, today's strategy is to test the short position at the 37,500 level first, and observe the price's secondary pullback. There is nothing good about the rise in the Asian market. The starting point for the rise was at 37,200, which was the final pullback low in the early morning today. After breaking this level, the short-term view is to look back to the 36,000 level. The mid-to-long-term strategy has been very clear in the past week. Near 38,000, only short, not long. When the price is high, lay out short positions at high levels. I believe that friends who are willing or agree will carefully read every word and make a detailed plan for themselves. When has there been a time when setting up a position has not been criticized? So, just get used to it. A man's broad mind is built on grievances, and time will prove everything.
As shown in the chart, Bitcoin continued to rebound in the early morning to the 4,000 level, which is also the pressure level analyzed in recent blog posts. The support for the rebound below is based on the weekly MA5, but the high-level pressure on the price has always made it difficult for the price to rise. Today, we will focus on shorting Bitcoin at the 37,800-38,100 level, waiting for the breakthrough of the weekly MA5 position, which will inevitably bring a new one-sided downward trend, ushering in a relatively continuous decline. In this high-level oscillation for many days, there has been no major breakthrough. The 32,000-31,000 range below is the major support level that I am optimistic about in the future.
Last week, I emphasized the bearish view. The weekly indicator price divergence indicates that there is no room for further rise. The high-level rebound is just a prelude to a deep pullback! The facts have proven that my previous judgment was correct. Therefore, the current rise is also the end of this wave since 16,500 and 25,000. It is definitely not the so-called "bull market" that many people are shouting about now! When the price rises, they shout about the arrival of a bull market, and when the price falls, they continue to call it a bear market. Such people can never achieve success in the investment market; they will only become "naysayers."
Therefore, today's operation will still focus on shorting at high levels, with 37,800-38,000 becoming the rebound pressure point. Even if there is an unexpected breakthrough of 38,000, the bulls will find it difficult to sustain for too long or go too far. This time, it is expected to run back below 32,000, but not today. It takes time. The previous repeated attempts to test 37,800-38,000 have all resulted in strong pullbacks. This time, let's focus our attention on 31,000!
In summary: The waning of risk-buying, the recent various bullish news and the repeated speculation about ETFs have led to a sustained rise in Bitcoin prices for a long time. The market is now also experiencing a surge in enthusiasm, but every time the market is hot, when everyone is excited and optimistic, it is the most dangerous time! Currently, Bitcoin will continue to be under pressure, and the operation will mainly focus on shorting at high levels. Remember, always set a stop-loss for any trade, and don't hold onto losing positions. When your position is stuck and you are seeking help from others to get out of it, you will appear like a drowning child in need of rescue. Pitiable people are often detestable. If you don't know how to cherish your own funds, don't expect others to cherish them! Be responsible for yourself!
November 23rd evening suggestions:
Bitcoin rebounded to the 37,500-37,750 area for shorting today, with stop-loss set at 38,200 and 38,440 respectively. The target for this mid-term short position is not set for now. For short-term trading, first look for a target of 36,300-36,000 and reduce positions with a downward adjustment of stop-loss. Hold if it falls below 35,200-34,600. There may be changes in plans or hedging positions, or additional position adjustments during trading, with real-time alerts provided during the session! As for the mid-term layout, I continue to insist on shorting above 37,500, targeting a retracement of at least 5,000 units to the 32,000-30,888 range.
Ethereum also provided a short opportunity today at 2,080-2,085, with a stop-loss set at 2,118 and a target of 1,980-1,950.
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