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$ETH BTC rebound is weak, does it still need to fall further? Is ZEC finally going to crash? Let's talk about today's trades.
Bitcoin has now entered a correction phase. I think the final bottom might come around 72k, so 76k may just be a pullback during the decline. In the short term, 78.3k is like a wall, knocking the bulls down a second time, so going short is the right move. But the question is, can we continue to short?
Although I am very bearish personally, I have a principle: I only take two positions at a certain level. We shorted twice at 78k down to 77k. If it tests that level a third time later, I might not want to short anymore because the probability of a third breakout increases significantly.
Then BTC will face the next resistance at 79.5k. At that point, I can confidently go short again.
So, trading cryptocurrencies is partly about personal preference, but operation still requires staying calm, not being arrogant, and respecting the market. The market is always right; it won't change for you or me. What needs to change and adapt should be ourselves.
Speaking of short-term, my long-term plan is to build positions gradually at 78k and 79.5k, holding with low leverage. If everything goes smoothly, a drop from 78,000 to 76,000 or even 72k would be a big gain. At worst, it will fall from 79.5k resistance, then the short at 78,000 can be closed for profit, and the position at 79.5k can be taken profit on.
Yesterday, we shorted one HYPE at 59, and last night there was a good unrealized profit. Unfortunately, I didn't take profit. Now it's back. This coin has high volatility, so I prefer to reduce some positions and allocate more funds to more certain setups like BTC, US stocks, and crude oil.
Whether to trade this coin or not is fine; the risk is quite high, so be cautious.
Compared to that, ZEC, which has been rising for many days, is starting to exhaust its strength. We shorted below the 700 resistance level. Currently, the coin price has reached our first take-profit level at 640. I have already taken profit.
Although I think it might go to the next support around 615, I don't want to be too greedy—640 is enough.
Currently, our focus is still on BTC and crude oil. Any significant rebound can be used to set up short positions, which are relatively stable. Besides that, we closed our positions on US stocks MU and SNDK a few days ago. Now it turns out we just sold at the lowest point, so we are quite versatile, with precise entry points, operating aggressively every day.