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Bitcoin has taken off! How are the short sellers doing? Are you okay?
During this period, I've repeatedly emphasized the strategy for BTC! Mostly long positions, supplemented by short positions! A few friends mentioned that others in live streams were opening short positions, and many in the market were shorting. Everyone has their own judgment of the market. Shorting at this level will not lose money as long as you don't set a stop loss—technical intervention will work—but setting a stop loss will definitely cause losses!
This is a rebound after the decline. After this rebound reaches a certain level, there will be a pullback. If the pullback does not break 62330—61160, (60k also has a face-saving level at 60110), then the real recovery begins! As I said yesterday, first clear the longs, then clear the shorts!
When we trade, it's a game, involving both technical aspects and human nature. Let's talk about Bitcoin again—how to trade this afternoon!
Bitcoin rose to around 64,000 in the early session, breaking through the resistance level of 63,861, but quickly pulled back. This level is a strong support. Looking further up, the next level is 64,195. The support below is 63,170. So, the strategy is: under normal market conditions, we find support and resistance to trade, which has been consistently reliable. This is also the reason for the high win rate this year!
1. Right-side trading:
Long strategy:
Condition: BTC breaks 63,861 with volume, then go long.
Confirmation: Hourly level holds above 64,195.
Target: 64,500—65,300
Short strategy:
Condition: BTC breaks below 63,170 with volume.
Confirmation: Hourly level breaks below 62,950 and fails to reclaim on a retrace.
Target: 62,500—62,100
2. Gambling zone:
Just mentioned two key levels: 63,170—63,861. These two levels determine the direction for an upside or downside move. Personally, I suggest going long near 63,170, but forget about going short here.
3. Left-side trading layout:
Long layout: Place long orders near 62,600—63,100.
Short layout: Place short orders near 64,500—65,000.
This is the approach for this afternoon. We'll discuss the evening strategy later! $BTC