Grandpa's check-in day 139
Yesterday, I pointed out the short-term risks, and there was a wave of decline in the early morning, especially Ethereum, which fell from 1600 to nearly 1500, a drop of 100 points, a drop of more than 5 points. Other altcoins also fell between 5-10 points, and only Bitcoin had a limited drop. Judging from the decline, this wave is still a very obvious explosion of long positions, and more than 20 times the leveraged positions were washed out. The contract market also verified this point, with more than 200 million US dollars liquidated in 24 hours.
According to the overall market rise, this kind of pullback is still very reasonable. In the stage of weak market growth, appropriate pullback can attract more buying intervention, because investors all hope to buy cheaper chips. If the price continues to rise, people will not dare to buy, even if they chase the rise, they will not dare to buy too much. However, if the overall market pulls back, it will give the funds that want to chase the rise a good reason. In fact, this is also the case. In the community, I saw that some people chose to increase their positions after the pullback.
Regarding the subsequent trend of the market, I still maintain my bullish judgment, but please note that it is time to start taking profits. Although bullish, there is no problem with the strategy of taking profits in batches, because the current market has begun to fluctuate upward, and there will be a 5 or 10-point burst of longs and a retracement. We also have two-handed preparations for taking profits. For example, some of the positions that I took profits yesterday were re-entered this morning, which is equivalent to a 5-point gain on some positions. You can also learn from it.
