$BTC
Before Bitcoin and Ethereum had fallen to 1500 and 59000, my view of the market was always that we should only look for bottoms below 59000 and below 1500, and that’s where to place bids. After experiencing six straight days of rally from 7/1 to 7/7, many people started thinking that July is once again another “golden month,” that the market has already reversed, and that a bottom has been formed. Some even believed the bull market is already here.
But that’s not the case. At the moment, the market is still moving more toward a bearish trend. And I believe the larger downturn hasn’t started yet—especially for Bitcoin. During this period, starting to position for bottom-fishing is extremely unwise. Put simply, you’ll still need to set up short positions.
With a simple example using 100x leverage: going forward, both Bitcoin and Ethereum still have 25x to 30x worth of potential profit space, and this is the most conservative, lowest guaranteed standard.
So right now, you should figure out a level to open a short position. For Ethereum, the lowest standard target is under 1400. For Bitcoin, the lowest standard target is 49000. As for where the true bottom will be, we also have to wait until these two “brothers” break below 1400 and 49000 before thinking about that.
Of course, many people will think it sounds a bit far-fetched, but time will prove everything.
Before Bitcoin and Ethereum had fallen to 1500 and 59000, my view of the market was always that we should only look for bottoms below 59000 and below 1500, and that’s where to place bids. After experiencing six straight days of rally from 7/1 to 7/7, many people started thinking that July is once again another “golden month,” that the market has already reversed, and that a bottom has been formed. Some even believed the bull market is already here.
But that’s not the case. At the moment, the market is still moving more toward a bearish trend. And I believe the larger downturn hasn’t started yet—especially for Bitcoin. During this period, starting to position for bottom-fishing is extremely unwise. Put simply, you’ll still need to set up short positions.
With a simple example using 100x leverage: going forward, both Bitcoin and Ethereum still have 25x to 30x worth of potential profit space, and this is the most conservative, lowest guaranteed standard.
So right now, you should figure out a level to open a short position. For Ethereum, the lowest standard target is under 1400. For Bitcoin, the lowest standard target is 49000. As for where the true bottom will be, we also have to wait until these two “brothers” break below 1400 and 49000 before thinking about that.
Of course, many people will think it sounds a bit far-fetched, but time will prove everything.