The big cake still needs some time to fluctuate

币姥爷 · 2023-07-07T09:49:08.000Z

July 7, 2023 Grandpa clocked in Yesterday, the market tried to break through and finally stopped at 31,500 points. It is currently hovering around 30,000. This position is also a short-term psychological support. If it does not fall below, there is still a chance to continue upward. As I said, with the passage of time and the failure of many attempts to break through, the risk of the market going down gradually increases. At present, if you follow us and make a little reduction in positions near 31000, you can also take it back first. This position Although it has not gone up, it is unlikely to go down in the short term. The reason for the market decline is likely to come from another incident involving the cross-chain bridge Multichain. Unlike the last time, this time it should be a real RUG. Regarding cross-chain bridges, there are too many RUGs. This is also the hardest hit area for DeFi attacks. Perhaps this type of project generally has more funds. In short, when encountering cross-chain bridges in the future, try to avoid them as much as possible. In addition, the resignation of Binance executives has also become a bearish signal for the market. Although it is most likely a normal personnel change, the market is like this, and there are a lot of bad news when it falls.

July 7, 2023 Grandpa checks in
Yesterday, the attempt of Bitcoin to break through finally stopped at 31,500 points. It is currently hovering around 30,000. This position is also a psychological support for short-term trading. If it does not fall below, there is still a chance to continue to rise. As I said, with the extension of time and multiple failed attempts to break through, the risk of the market going down is gradually increasing. At present, if you have followed us to reduce your positions around 31,000, you can also take them back first. Although this position has not risen, the possibility of going down in the short term is not great.
The trigger for the market's decline is likely to come from the cross-chain bridge Multichain's trouble again. Unlike the last time, this time it should be a real RUG. Regarding cross-chain bridges, there have been too many RUGs, which is also the hardest hit area for DeFi attacks. Perhaps this type of project generally has more funds. In short, try to avoid cross-chain bridges as much as possible in the future. In addition, the resignation of Binance executives has also become a signal of the market's bearishness. Although it is most likely a normal personnel change, the market is like this. When it falls, there are a lot of bad news.
As for the market, I think we can continue to look forward. According to past experience, this position will basically not fall below immediately. It will maintain a sideways process for a period of time, and may continue to try to break through upwards many times. Similarly, the big cake will also try to go down. You can try to do some swing trading in this range. Of course, the corresponding is that once it falls below, the loss will be relatively large, but I still recommend that you take some positions to do some swing trading. In a long-term bear market, learning to do swing trading is also an effective way to increase profits and reduce risks, because only by doing a little can you feel how great the risk of breaking through the range is, which can also avoid us from selling too early and missing out in the subsequent bull market to a certain extent.
If we talk about the direction, I think after a few days of high-level shocks, multiple attempts have failed to break through, including the rotation of mainstream sectors and copycats, which is more of a catch-up, and even worse than the previous wave of Hong Kong concept speculation, it can be seen that there is a lack of funds, so overall I think it is bearish, but the probability of a decline is still relatively small. As for other configurations, many have not been rotated, and whether to consider shipping is a question. My suggestion is that if you can tolerate some losses in band profits, then hold on patiently, and deny that you can also use part of it to do band trading.
Thank you for your attention and likes.