On Monday the market opened, and BTC hovered around 79,000—neither up nor down, pretty annoying.
Over the weekend, there really wasn’t much new news. Everything that needed to be digested had mostly been digested. The market right now is basically a textbook range-bound setup: both longs and shorts are waiting, and neither side is willing to make the first move.
This week, there are a few key levels I’m watching closely. Resistance at 81,000 is a hurdle. If it breaks through, there’s a good chance it will test 83,000 or even set new highs. Support at 74,000 is the bottom—if that level breaks, this bounce may be in doubt.
The few-thousand-point range in between isn’t huge, but it’s not small either. Trading the swings could easily get you “hit on both ends,” while going long-term doesn’t really feel like it has much momentum.
A lot of people ask me how to trade this week. My own plan is: hold the spot position and don’t touch it; for futures, use a small position size and test lightly. Once the direction becomes clear, then add. No guessing the top, no catching the bottom—just follow the market.
After you’ve been trading for a long time, you’ll realize that most of the time the market is “waiting”—waiting for a piece of news, waiting for a breakout, waiting for a batch of people to get impatient and rush in, or to get scared and cut losses. The more urgent you are, the more likely you are to make mistakes while the market is “waiting.”
So this week, patience matters more than anything.
Standing on the balcony, I smoked a cigarette as the sky slowly darkened, and the weekend was almost over again.
This week’s market was actually pretty lively. BTC surged from 75,000 to 80,000, then got dumped back down, only to rally again—big swings of several thousand points back and forth. Both sides, bulls and bears, had people getting liquidated. I scrolled through my朋友圈 (social feed). Some people were showing off profits, others cursing, and some pretending nothing happened. It was pretty much the same as every weekend.
I personally didn’t do much this week. I held spot, and with a small position I played two swings—just made enough for grocery money. In the past, with this kind of choppy, ranging market, I would definitely have jumped in every day, unable to sit still if I didn’t trade. But not anymore. I’m older now, more cautious. I know that some money isn’t meant to be earned by me.
A lot of people ask me how next week will go. Honestly, I don’t know.
After doing trading for so many years, I’ve become less and less willing to predict. You think you’ve understood the trend, and the market slaps you in the face in a second. You think it’s definitely going down, and it shows you otherwise by going up instead. In the end, you realize that being right a few times about the market isn’t that impressive. The real skill is being able to survive in this market for five or ten years.
As for what happens next week—let’s talk about it next week.
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