It’s happening! Bitcoin is staging a strong rebound, up 4,000 points in two days. Is a new market trend taking off? What should you do now? Let’s take a look.
1. There’s no doubt that Bitcoin is currently in a rebound. It fell 7,000 points earlier and is now making up some of those losses. So a rebound is possible, but as for whether the market has completely reversed and turned bullish, I think that may still take more time. So what should you do now?
2. The answer: trade the swings! The price may well have entered a new consolidation range, so we can keep a close eye on it. Based on the current data, Bitcoin’s support is around 80,500, while resistance is likely around 84,300. So if the price reaches 80,500, go long decisively; around 84,300, you can take a small short position.
3. As shown in the chart, Shuqin suggested yesterday that everyone short between 84,000 and 84,300. Since then, the price has pulled back twice, so you can take profit on the shorts. The gains aren’t huge, but Bitcoin itself has been moving less lately, so these returns are already pretty good. Just keep trading the swings back and forth.
4. If you prefer to play it safe, you can skip shorting and only go long on dips. The price of Bitcoin is bound to rise over the long term, so even if you’re temporarily stuck in a position, it should recover later. Shorting carries more risk. You could also consider selling your spot holdings at resistance and buying them back on a dip—that would be safer.
5. That’s exactly what Shuqin did in Chart 2: bought Bitcoin at 80,500, then sold some at 84,000 to see if it could be bought back at a lower price. The pullback so far has been pretty good. And even if you can’t buy back in, that’s fine—the move from 80,500 to 84,000 was enough. We can also trade other coins. Shuqin will always share a trade as soon as an opportunity comes up~
1. There’s no doubt that Bitcoin is currently in a rebound. It fell 7,000 points earlier and is now making up some of those losses. So a rebound is possible, but as for whether the market has completely reversed and turned bullish, I think that may still take more time. So what should you do now?
2. The answer: trade the swings! The price may well have entered a new consolidation range, so we can keep a close eye on it. Based on the current data, Bitcoin’s support is around 80,500, while resistance is likely around 84,300. So if the price reaches 80,500, go long decisively; around 84,300, you can take a small short position.
3. As shown in the chart, Shuqin suggested yesterday that everyone short between 84,000 and 84,300. Since then, the price has pulled back twice, so you can take profit on the shorts. The gains aren’t huge, but Bitcoin itself has been moving less lately, so these returns are already pretty good. Just keep trading the swings back and forth.
4. If you prefer to play it safe, you can skip shorting and only go long on dips. The price of Bitcoin is bound to rise over the long term, so even if you’re temporarily stuck in a position, it should recover later. Shorting carries more risk. You could also consider selling your spot holdings at resistance and buying them back on a dip—that would be safer.
5. That’s exactly what Shuqin did in Chart 2: bought Bitcoin at 80,500, then sold some at 84,000 to see if it could be bought back at a lower price. The pullback so far has been pretty good. And even if you can’t buy back in, that’s fine—the move from 80,500 to 84,000 was enough. We can also trade other coins. Shuqin will always share a trade as soon as an opportunity comes up~
