“Bitcoin Drops to 73K—Is the Bear Market Really Here? Is It Time to Buy QQQ?”
Bottom line: I don’t think this is a true bear market just yet. It looks more like a normal consolidation after a big bull-market run. The daily RSI has already hit the lower end of the oversold zone. Based on the past three or four years of data, whenever it’s reached this level, it’s usually been close to a major bottom. Even during the bear market earlier this year, Bitcoin bounced 30% from this level. So even if the bear market really is here, prices won’t fall forever—a sharp drop can still be followed by a big rebound.
At a little over 70K, I think the risk-reward looks decent, but I wouldn’t call it a sure thing. I’ve noticed that large holders are still accumulating, which is one reason I’m leaning bullish.
On the chart, 75K has already broken. The next strong support is around 72.4K. As we get close to that level, I’ll place several buy orders above it. If price comes down, I’m ready to buy. I’m not worried about it reaching that level—I’m worried it won’t. Over the past few weeks, I opened several long positions at 75K and 76.5K, and they’ve all hit their profit targets. Yesterday, I also said to take profit on the long at 76K. Now I’m holding spot only, with no regrets.
For U.S. stocks, strong support for QQQ is around 640, and I’ve already placed spot buy orders. If I can get filled, I think it’ll be a good value. I trade crypto and U.S. stocks in real time every day.
This is only a record of my personal trades and a sharing of my views. It is not investment advice. You are responsible for your own profits and losses. $BTC $ETH
Bottom line: I don’t think this is a true bear market just yet. It looks more like a normal consolidation after a big bull-market run. The daily RSI has already hit the lower end of the oversold zone. Based on the past three or four years of data, whenever it’s reached this level, it’s usually been close to a major bottom. Even during the bear market earlier this year, Bitcoin bounced 30% from this level. So even if the bear market really is here, prices won’t fall forever—a sharp drop can still be followed by a big rebound.
At a little over 70K, I think the risk-reward looks decent, but I wouldn’t call it a sure thing. I’ve noticed that large holders are still accumulating, which is one reason I’m leaning bullish.
On the chart, 75K has already broken. The next strong support is around 72.4K. As we get close to that level, I’ll place several buy orders above it. If price comes down, I’m ready to buy. I’m not worried about it reaching that level—I’m worried it won’t. Over the past few weeks, I opened several long positions at 75K and 76.5K, and they’ve all hit their profit targets. Yesterday, I also said to take profit on the long at 76K. Now I’m holding spot only, with no regrets.
For U.S. stocks, strong support for QQQ is around 640, and I’ve already placed spot buy orders. If I can get filled, I think it’ll be a good value. I trade crypto and U.S. stocks in real time every day.
This is only a record of my personal trades and a sharing of my views. It is not investment advice. You are responsible for your own profits and losses. $BTC $ETH
