BTC Market Analysis
The broader market really isn’t giving us any opportunities. Yesterday, I chased the drop and opened shorts around 81,200. In the evening, after it broke below 80,000, I added a little in several small batches and moved my stop to breakeven, thinking I could make a big profit. But then it rebounded sharply, reaching around 82,600 at its peak. It’s now fluctuating around 81,800. My position was stopped out at breakeven again, and my earlier long positions were also stopped out at breakeven!
The brief dip below 80,000 followed by a quick recovery suggests it swept the stop-losses on longs placed at 80,000. The current rebound to around 81,800 is a retest after the breakdown, not a bullish reversal. Luckily, I had protection in place; otherwise, this rebound would have made me look foolish.
For now, let’s give this drop a chance to settle. In the short term, the market will likely continue to chop between 80,000 and 82,600. It’s not giving us a chance to take profits, so let’s wait for an opportunity to trade. Don’t chase either direction!
The broader market really isn’t giving us any opportunities. Yesterday, I chased the drop and opened shorts around 81,200. In the evening, after it broke below 80,000, I added a little in several small batches and moved my stop to breakeven, thinking I could make a big profit. But then it rebounded sharply, reaching around 82,600 at its peak. It’s now fluctuating around 81,800. My position was stopped out at breakeven again, and my earlier long positions were also stopped out at breakeven!
The brief dip below 80,000 followed by a quick recovery suggests it swept the stop-losses on longs placed at 80,000. The current rebound to around 81,800 is a retest after the breakdown, not a bullish reversal. Luckily, I had protection in place; otherwise, this rebound would have made me look foolish.
For now, let’s give this drop a chance to settle. In the short term, the market will likely continue to chop between 80,000 and 82,600. It’s not giving us a chance to take profits, so let’s wait for an opportunity to trade. Don’t chase either direction!