July 5, 2024 Grandpa checks in

Today is a day of grief and sorrow in the B circle, and also a day full of jokes. The optimism of coin friends deserves respect. For old investors, this is not the first time, and certainly not the last time. Old investors with reasonable position control should gradually enter the market to increase their chips. The most direct impact of this wave of decline is the sale of coins by the German government. In addition, 40,000 coins were transferred from the address of Mentougou. According to the official announcement of Mentougou, some creditors have been repaid in the form of BTC and BCH.

There is no doubt that this wave of Bitcoin's massive decline must have real chips behind it, and it is not just the German government and Mentougou's creditors, but also short sellers who are pushing down the market by amplifying the news, because in fact the German government sells coins in batches, and tens of millions of dollars at a time will not have such a big price impact on Bitcoin with abundant liquidity. So after this wave of plunge, where will the market go?

One thing can be confirmed, in the past, when the market plummeted like today, there were only a few moments that could form a large V-reversal in the short term, but there were often small upward trends from oversold rebounds. At present, Bitcoin has fallen below the previous bottom support of 56,000. The short-term rebound strength is estimated to have a chance to recover the support. However, it should be noted that the debt repayment of Mentougou has begun. The German government still has 40,000 Bitcoins in hand. If there is a large amount of shipments in the next 1-3 months, Bitcoin will continue to look for support downwards. Therefore, if there is a rebound in the future, some bargain hunting chips can be appropriately sold.

The specific operation is definitely to buy at the bottom. At present, I have 60% to 70% of my positions. I started yesterday. Therefore, the chips for this wave of buying at the bottom have a floating loss of about 10 points. I also suffered heavy losses if I didn’t sell several percent of my positions at the high point. Of course, I have made a lot of profit-taking at high positions. I have also said this in public speeches. However, I never short positions. For the current market, confidence is still needed. There may be further declines and low-level fluctuations in the future, but the big bull market is definitely on the way, and the current price is already low enough for the big bull market. For more logic of buying at the bottom, I wrote a pinned article on the BN homepage"Bitcoin plummets, the culprit is the German government! How can we buy the bottom correctly?"If you are interested, you can check it out there.

Hold on, we can win!