Shuqin’s Market Analysis: It’s all over! Bitcoin has dropped to 73,000. Is the bear market really coming? Is it time to buy QQQ? Let’s take a look.
1. First, the most important question: has Bitcoin bottomed? As you can see, believe it or not, Bitcoin’s daily RSI has already reached the lower end of the oversold zone. Our opportunity is here!
2. Based on Bitcoin’s data from the past three or four years, whenever its price has reached this level, it’s most likely marked a major bottom. Even during the bear market earlier this year, Bitcoin bounced 30% after reaching this level. So even if we assume the bear market really is here, prices won’t keep falling forever. After a big enough drop, a major rebound is likely.
3. That’s why buying in the low 70,000s is very likely to be a great money-making opportunity—and there could be plenty to gain, even if this is a bear market. In fact, I don’t think we’re really in a bear market right now. It’s more likely just a normal consolidation after a big bull-market run. The large investors I’m watching are still accumulating and buying.
4. As for the candlestick chart, aside from the indicators, Bitcoin has broken below 75,000. Luckily, yesterday we told everyone to take profit on long positions at 76,000 and hold spot only. Over the past few weeks, we’ve gone long several times at 75,000 and 76,500, and took profit every time—nothing to regret. So what’s next?
5. With 75,000 broken, the next major support is around 72,400. Needless to say, as we get close, I’ll aggressively open a long position just above that level, because the support there is very strong. We could see a sizable rebound, and it might even be the ultimate bottom. If price comes down here, I’m going in. I’ve already placed my order. I’m not afraid of it coming—I’m just afraid it won’t!
6. Besides that, the U.S. stock market is also getting close to strong support. QQQ’s strong support is around 640, and I’ve already placed a spot buy order too. I’m rubbing my hands with excitement—if I can buy here, I should be able to make a decent profit. Whether it’s crypto or U.S. stocks, I bring you along for real-time trades every day~ #BTC #futures
1. First, the most important question: has Bitcoin bottomed? As you can see, believe it or not, Bitcoin’s daily RSI has already reached the lower end of the oversold zone. Our opportunity is here!
2. Based on Bitcoin’s data from the past three or four years, whenever its price has reached this level, it’s most likely marked a major bottom. Even during the bear market earlier this year, Bitcoin bounced 30% after reaching this level. So even if we assume the bear market really is here, prices won’t keep falling forever. After a big enough drop, a major rebound is likely.
3. That’s why buying in the low 70,000s is very likely to be a great money-making opportunity—and there could be plenty to gain, even if this is a bear market. In fact, I don’t think we’re really in a bear market right now. It’s more likely just a normal consolidation after a big bull-market run. The large investors I’m watching are still accumulating and buying.
4. As for the candlestick chart, aside from the indicators, Bitcoin has broken below 75,000. Luckily, yesterday we told everyone to take profit on long positions at 76,000 and hold spot only. Over the past few weeks, we’ve gone long several times at 75,000 and 76,500, and took profit every time—nothing to regret. So what’s next?
5. With 75,000 broken, the next major support is around 72,400. Needless to say, as we get close, I’ll aggressively open a long position just above that level, because the support there is very strong. We could see a sizable rebound, and it might even be the ultimate bottom. If price comes down here, I’m going in. I’ve already placed my order. I’m not afraid of it coming—I’m just afraid it won’t!
6. Besides that, the U.S. stock market is also getting close to strong support. QQQ’s strong support is around 640, and I’ve already placed a spot buy order too. I’m rubbing my hands with excitement—if I can buy here, I should be able to make a decent profit. Whether it’s crypto or U.S. stocks, I bring you along for real-time trades every day~ #BTC #futures