Yesterday, I was talking about how ETH had fallen to this cycle’s 0.618 support, while BTC was still stubbornly holding up and refusing to drop below its support.
I didn’t expect BTC to plunge shortly after I entered a short position during today’s livestream.
Let’s take another look at BTC’s chart structure:
1/ We can now clearly see that 69,000 is strong support for BTC. Next, we’ll watch to see whether it breaks above 70,000 and heads toward 72,000, or drops below 67,500 and falls to 65,000. For now, 69,000 is essentially the dividing line between bulls and bears, and both sides are fighting for control. Let’s see who comes out on top. Of course, we only trade after confirmation.
2/ Has BTC finished correcting? If we compare it with ETH’s correction, BTC should now be in the 63,000–64,000 range, rather than stopping after falling only to 67,500. This suggests that the market still has buying support—or... could it continue to fall? If it does, seize the opportunity to trade after confirmation!
3/ For short-term trading, I advise everyone not to trade ahead of confirmation by trying to predict the direction. Wait for a confirmed signal instead. #BTC
I didn’t expect BTC to plunge shortly after I entered a short position during today’s livestream.
Let’s take another look at BTC’s chart structure:
1/ We can now clearly see that 69,000 is strong support for BTC. Next, we’ll watch to see whether it breaks above 70,000 and heads toward 72,000, or drops below 67,500 and falls to 65,000. For now, 69,000 is essentially the dividing line between bulls and bears, and both sides are fighting for control. Let’s see who comes out on top. Of course, we only trade after confirmation.
2/ Has BTC finished correcting? If we compare it with ETH’s correction, BTC should now be in the 63,000–64,000 range, rather than stopping after falling only to 67,500. This suggests that the market still has buying support—or... could it continue to fall? If it does, seize the opportunity to trade after confirmation!
3/ For short-term trading, I advise everyone not to trade ahead of confirmation by trying to predict the direction. Wait for a confirmed signal instead. #BTC
