$BTC This Bitcoin long position is basically about to be finished. Leave a bit of a core position and observe for now.
From the 4-hour timeframe, it really has formed a pattern that looks a bit like a bearish evening star. In the area from around 87,000 to over 88,000, there’s very heavy resistance. As we mentioned yesterday, 82,000 to 88,000 is essentially a vacuum zone. “Vacuum zone” means there are relatively fewer pending orders here, so price swings—up or down—are both relatively easy.
Right now, the sentiment in the group is that people are shouting for a pullback and likely many will go bottom-fishing. I think this area might trap some people.
However, from the weekly chart perspective, the overall trend is still bullish. So my next plan is:
1. Reduce most of the previous long positions at this level.
2. When there’s a pullback to the 4-hour support area, then buy again.
From the 4-hour timeframe, it really has formed a pattern that looks a bit like a bearish evening star. In the area from around 87,000 to over 88,000, there’s very heavy resistance. As we mentioned yesterday, 82,000 to 88,000 is essentially a vacuum zone. “Vacuum zone” means there are relatively fewer pending orders here, so price swings—up or down—are both relatively easy.
Right now, the sentiment in the group is that people are shouting for a pullback and likely many will go bottom-fishing. I think this area might trap some people.
However, from the weekly chart perspective, the overall trend is still bullish. So my next plan is:
1. Reduce most of the previous long positions at this level.
2. When there’s a pullback to the 4-hour support area, then buy again.
