$BTC This sideways action is brutal—the big players are almost out of places to hide
Bitcoin’s move today probably put plenty of people watching the charts to sleep. It surged and then pulled back, with a range of less than 1,000 points, just chopping back and forth in the tiny zone between 81500 and 82500.
A lot of people are anxious right now, unsure whether to get in or get out.
But once you see through the logic behind it, there’s no need to panic.
A fair amount of money flowed into ETFs last night. BlackRock alone bought several hundred million dollars’ worth, so you’d think the market would rally, right? But what happened? The price simply couldn’t push higher.
What does that tell us? There’s a large supply of trapped holders waiting to break even in the 82000–82500 zone above. Whenever the price rebounds into that range, selling pressure comes crashing down.
Now look below. The 81000 round-number level is currently the bulls’ last line of defense. If that gives way, the next major psychological level at 80000 will probably be tested. If the price really drops near 80000, it could flush out a lot of panic sellers.
When the market is stuck between these two possibilities, my advice is: don’t make reckless moves.
I’m patiently waiting for two levels. $Q
If it wicks down to 81000–81200 and quickly recovers, I’ll take a small position. If it breaks below 80500, I’ll admit I’m wrong and get out. My target is a move back to 82000.
If it pushes up toward 82500 but still looks weak, I don’t mind going short with the trend and catching a pullback. $ETH
What do you think after all this choppy action—will it explode upward or plunge lower?
#韩国KOSPI指数跌超2%
Bitcoin’s move today probably put plenty of people watching the charts to sleep. It surged and then pulled back, with a range of less than 1,000 points, just chopping back and forth in the tiny zone between 81500 and 82500.
A lot of people are anxious right now, unsure whether to get in or get out.
But once you see through the logic behind it, there’s no need to panic.
A fair amount of money flowed into ETFs last night. BlackRock alone bought several hundred million dollars’ worth, so you’d think the market would rally, right? But what happened? The price simply couldn’t push higher.
What does that tell us? There’s a large supply of trapped holders waiting to break even in the 82000–82500 zone above. Whenever the price rebounds into that range, selling pressure comes crashing down.
Now look below. The 81000 round-number level is currently the bulls’ last line of defense. If that gives way, the next major psychological level at 80000 will probably be tested. If the price really drops near 80000, it could flush out a lot of panic sellers.
When the market is stuck between these two possibilities, my advice is: don’t make reckless moves.
I’m patiently waiting for two levels. $Q
If it wicks down to 81000–81200 and quickly recovers, I’ll take a small position. If it breaks below 80500, I’ll admit I’m wrong and get out. My target is a move back to 82000.
If it pushes up toward 82500 but still looks weak, I don’t mind going short with the trend and catching a pullback. $ETH
What do you think after all this choppy action—will it explode upward or plunge lower?
#韩国KOSPI指数跌超2%