Peter 0713 Crypto Market Daily

First, the trade status: the short positions are still in my hands, currently in profit.
I woke up and took a look at the charts. BTC printed a bearish candle with a long upper wick, and the weekly chart is also a small bullish candle with an upper wick—bearish strength clearly outweighs bullish. Over the weekend, BTC traded sideways around 64,000 for two days, using sideways movement instead of a drop, which shows that the bulls don’t have the power to push up at all. The shorts, on the other hand, have been holding their breath, waiting for an opportunity. My shorts were entered around 62,900. Currently the price has pulled back to the 62,600-62,800 area, and the unrealized profit is still comfortable.
How should retail traders act today?
If you have shorts like me: keep holding them—don’t rush to run. BTC fell only 0.36% last week. It churned back and forth across the 6.16-6.44 range. This kind of ranging market tests patience the most. The shorts have been building up for so long—it won’t just end after dropping this little. First look at 62,500; if that breaks, then it’s 61,000-62,000. Further down, you can see 58,000-60,000. My own take-profit will be placed in batches, not all at once.
If you’re currently in cash and want to chase shorts: don’t rush. Chasing in directly now doesn’t offer a good risk-reward. If it overshoots down and rebounds, you’ll get swept for your stop-loss and end up losing. Wait for the rebound to hit the 63,900-64,400 area before opening a short. Place the stop-loss above 64,800—this level gives a relatively reasonable profit-to-loss ratio. For other levels, just watch it—don’t get antsy.
For friends who like to do short-term longs: I suggest you hold back today. That fast sell-off in the early session on the 15-minute timeframe dropped 0.55% straight down to around 62,800. RSI has already fallen into the oversold zone, and it looks like you could grab a rebound—but this kind of rebound is very likely a bull trap and a rebound pullback. The midline pressure is right on top, capping upside—there’s not much room, so it’s not worth the hassle.
#BTC #ETH