Breaking new highs again on Monday—when is the top? Let me share my personal view!
On the 19th, in my article, I said the big BTC is very likely to keep breaking to new highs. I was especially optimistic about the area around 85,500—and today, it actually got there!
From yesterday to today’s rise, I’ve seen a lot of people shorting. Especially today, when it was around 81,000, the hourly candlestick pattern looked very much like a bearish/short setup. The number of people who entered at that level was huge—too many shorts piling up. The main force then strongly pulled it up by 4,000 points, which definitely shook out a lot of them. In particular, before the rate hike, many opened shorts around 78,000. And anyone who is still holding now is already starting to lose patience.
My view is that this is the last dance of greed. This current shakeout is just a small warm-up—real shakeout is about to come. From this leg of the rally, the goal is to flush out the short positions opened before the rate hike. As long as they’re taken out, there will definitely be a deeper selloff and further shakeout afterward.
I know many people won’t believe it. They think it should still go up to 90,000 or 100,000. But what I want to say is: for a bull market to start, this kind of upward move is foolish. The main force isn’t stupid—funding costs are right there, and that can’t be changed. If they want to truly kick off a bull market, they must first wash out retail investors’ low-position holdings so they can lift it at a lower cost.
Around 85,500 is where I’m planning to open my main short. I’m not sure how high it might go, but I know that at this level, I should short. Looking down next: 73,000–71,000.
By the way, I’ll likely enter for “Yitai” at 2866. #BTC
On the 19th, in my article, I said the big BTC is very likely to keep breaking to new highs. I was especially optimistic about the area around 85,500—and today, it actually got there!
From yesterday to today’s rise, I’ve seen a lot of people shorting. Especially today, when it was around 81,000, the hourly candlestick pattern looked very much like a bearish/short setup. The number of people who entered at that level was huge—too many shorts piling up. The main force then strongly pulled it up by 4,000 points, which definitely shook out a lot of them. In particular, before the rate hike, many opened shorts around 78,000. And anyone who is still holding now is already starting to lose patience.
My view is that this is the last dance of greed. This current shakeout is just a small warm-up—real shakeout is about to come. From this leg of the rally, the goal is to flush out the short positions opened before the rate hike. As long as they’re taken out, there will definitely be a deeper selloff and further shakeout afterward.
I know many people won’t believe it. They think it should still go up to 90,000 or 100,000. But what I want to say is: for a bull market to start, this kind of upward move is foolish. The main force isn’t stupid—funding costs are right there, and that can’t be changed. If they want to truly kick off a bull market, they must first wash out retail investors’ low-position holdings so they can lift it at a lower cost.
Around 85,500 is where I’m planning to open my main short. I’m not sure how high it might go, but I know that at this level, I should short. Looking down next: 73,000–71,000.
By the way, I’ll likely enter for “Yitai” at 2866. #BTC
