Bitcoin wicked down to a low of 73333 today 😮😮
It has now bounced back to around 74500 and is trading sideways. The bounce has been fairly weak.
I feel this rebound is mostly due to some shorts taking profits and closing their positions.
Only after Bitcoin breaks back above 75000 and holds there can we talk about further upside.
Alternatively, we can wait for the cluster of long liquidations around 72600 below to be cleared, then see if the price finds support and stabilizes.
At the moment, 74000 is still an entirely unattractive level.
Also, according to the data, Binance’s long-to-short ratio by number of users has surged to 2.83. Retail traders are aggressively buying the dip, and major players usually won’t reverse the trend with this many longs on board.
Sitting on the sidelines is actually the right call. Unless resistance above is broken, the overall outlook remains weak.
I added a little to my initial position in $HYPE on the dip at 75 today. I left the rest untouched and will patiently wait for bloodied coins.$JCT $BTC #AI芯片股重挫纳指周跌3.4% #黄仁勋因婚外情致歉，英伟达启动独立调查 #比特币连续五周下跌 #币安将恢复更多资产提现
It has now bounced back to around 74500 and is trading sideways. The bounce has been fairly weak.
I feel this rebound is mostly due to some shorts taking profits and closing their positions.
Only after Bitcoin breaks back above 75000 and holds there can we talk about further upside.
Alternatively, we can wait for the cluster of long liquidations around 72600 below to be cleared, then see if the price finds support and stabilizes.
At the moment, 74000 is still an entirely unattractive level.
Also, according to the data, Binance’s long-to-short ratio by number of users has surged to 2.83. Retail traders are aggressively buying the dip, and major players usually won’t reverse the trend with this many longs on board.
Sitting on the sidelines is actually the right call. Unless resistance above is broken, the overall outlook remains weak.
I added a little to my initial position in $HYPE on the dip at 75 today. I left the rest untouched and will patiently wait for bloodied coins.$JCT $BTC #AI芯片股重挫纳指周跌3.4% #黄仁勋因婚外情致歉，英伟达启动独立调查 #比特币连续五周下跌 #币安将恢复更多资产提现
