Bitcoin #BTC retraced to around 83,500 tonight and started to rebound gradually. When the US stock market opened, it bounced to around 74,830. In the livestream, I told everyone to short around 74,800 and add to their shorts. Then it started falling all the way to 72,800, dropping 2,000 points. Anyone who was watching the livestream should have heard me tell everyone to close their shorts around 74,000–73,500. Even a short-term trade made over 1,000 points. I wouldn’t claim to have caught the absolute bottom for all 2,000 points.
I’m still holding my larger-timeframe short position and haven’t closed it. I’m planning to hedge first in the 72,000–70,000 range, then take a short-term long to play the rebound. The larger-timeframe short has already made 7,000 points from the high, but I’m still not very satisfied with it.
As long as Bitcoin’s current rebound can’t hold above 75,000, the decline won’t stop. There may be small rebounds, but no major ones—unless it drops to around 71,000. Then there may be a chance of a rebound to 74,000–75,000, which would be about a 4,000-point move. It just depends on how long it stays in the range before rebounding.
I’m still holding my larger-timeframe short position and haven’t closed it. I’m planning to hedge first in the 72,000–70,000 range, then take a short-term long to play the rebound. The larger-timeframe short has already made 7,000 points from the high, but I’m still not very satisfied with it.
As long as Bitcoin’s current rebound can’t hold above 75,000, the decline won’t stop. There may be small rebounds, but no major ones—unless it drops to around 71,000. Then there may be a chance of a rebound to 74,000–75,000, which would be about a 4,000-point move. It just depends on how long it stays in the range before rebounding.
