Important reminder: Bitcoin may have already hit bottom—I’m in!
1. No fluff, let’s look at the chart. The candlesticks show that BTC is extremely resilient. Even with U.S. stocks crashing to the brink of a market-wide halt, it only retested the lows slightly. Could it be running out of room to fall? That’s a positive sign! So what should we do next?
2. To be honest, I’m fairly bullish. As I’ve marked on the chart, Bitcoin has fallen back to around its previous low of $75,000. There’s very strong support here: it’s both a previous low and a strong support level. Even if the trend hasn’t reversed, shouldn’t we at least see a decent rebound?
3. This is a chance to make a small bet for a potentially big gain. If it dips slightly below support, we can cut our losses; but if it rebounds, there could be a decent move up. We’ve talked several times since last week about support at $76,500 and $75,000. We took profit twice at $76,500, and now we’re planning to trade the support above $75,000.
4. If it rebounds, the first minor resistance to watch is $77,400, followed by the stronger resistance around the previous neckline at $78,800. Shuqin had everyone go long just above $75,000 during last night’s crash, and the rebound looks pretty good so far. Fingers crossed it all goes smoothly. If you haven’t entered yet, you can watch for a possible retest of the lows as an entry opportunity.
5. Looking back at the trades from the past few days, Shuqin had everyone short near the $80,000 resistance. Looking at it now, it seems that call really wasn’t wrong—the price did fall, didn’t it? Of course, after such a big drop, I’m more inclined to trade the rebound. I always place trades around support and resistance levels. Even though the market is weak, my win rate is still pretty good~
1. No fluff, let’s look at the chart. The candlesticks show that BTC is extremely resilient. Even with U.S. stocks crashing to the brink of a market-wide halt, it only retested the lows slightly. Could it be running out of room to fall? That’s a positive sign! So what should we do next?
2. To be honest, I’m fairly bullish. As I’ve marked on the chart, Bitcoin has fallen back to around its previous low of $75,000. There’s very strong support here: it’s both a previous low and a strong support level. Even if the trend hasn’t reversed, shouldn’t we at least see a decent rebound?
3. This is a chance to make a small bet for a potentially big gain. If it dips slightly below support, we can cut our losses; but if it rebounds, there could be a decent move up. We’ve talked several times since last week about support at $76,500 and $75,000. We took profit twice at $76,500, and now we’re planning to trade the support above $75,000.
4. If it rebounds, the first minor resistance to watch is $77,400, followed by the stronger resistance around the previous neckline at $78,800. Shuqin had everyone go long just above $75,000 during last night’s crash, and the rebound looks pretty good so far. Fingers crossed it all goes smoothly. If you haven’t entered yet, you can watch for a possible retest of the lows as an entry opportunity.
5. Looking back at the trades from the past few days, Shuqin had everyone short near the $80,000 resistance. Looking at it now, it seems that call really wasn’t wrong—the price did fall, didn’t it? Of course, after such a big drop, I’m more inclined to trade the rebound. I always place trades around support and resistance levels. Even though the market is weak, my win rate is still pretty good~
