Jiang Zhuoer says there’s no doubt the bull market is still here, and that $57,758 in July was the low of this bear-market cycle. But his own 100% $BTC long position hit a 5% stop-loss at $72,700. He then opened a short hedge at $73,000, which he says was essentially a stop-loss.
Looking back, he says his mistake was being fully invested in BTC longs while mixing long-term and short-term trading—a huge error. He’s now out of the market and watching from the sidelines. If BTC falls to $70,500, he’ll close the hedging short. He gave two possible levels where this pullback could bottom: a 50% retracement at $72,500, or a 61.8% retracement between $69,000 and $70,000.
The person calling the bottom and the person stopped out this time are one and the same. Whether $57,758 holds is beside the point for now; having a fully invested long position wiped out by a 5% stop-loss shows just how fragile bullish positions are at the moment.
#比特币 #Jiang Zhuoer
Looking back, he says his mistake was being fully invested in BTC longs while mixing long-term and short-term trading—a huge error. He’s now out of the market and watching from the sidelines. If BTC falls to $70,500, he’ll close the hedging short. He gave two possible levels where this pullback could bottom: a 50% retracement at $72,500, or a 61.8% retracement between $69,000 and $70,000.
The person calling the bottom and the person stopped out this time are one and the same. Whether $57,758 holds is beside the point for now; having a fully invested long position wiped out by a 5% stop-loss shows just how fragile bullish positions are at the moment.
#比特币 #Jiang Zhuoer