7.15 Bitcoin surges! How to choose a long position?
Bitcoin traded sideways near the key resistance of the previous low point over the weekend, and then broke through the key resistance from evening to early morning. The current price has reached around 62,600. Bitcoin has supported at the bottom and rebounded relatively strongly.
In the previous article, we believed that Bitcoin might fall, but we also gave two ideas for long positions. As shown in the figure, one is to support at the previous low point, and the other is that the price can directly break through to above 60,000.
So it is obvious that the price took the second idea and broke through to above 60,000. When the price of 60,000, the key point we mentioned before, actually broke through, there was an opportunity to go long. Of course, the price did not stay for a long time. If you don’t react, it is still difficult to keep up with the rising market.
What should I do if I haven’t gotten on the train yet? Will the price continue to rise in the future?
In the previous article, we have always mentioned that I think Bitcoin is going to a box at the daily level. Now let's look at this box again and find that the price has returned to the inside of this box. I think we should continue to be bullish.
What should we do if we are not on the train yet? I think the best idea is to wait for the callback to continue to get on the train. It is more stable to wait for the callback. Of course, if you are also bullish and have high skills and boldness, I will not stop you.
As shown in the figure, the reason why I think we should wait for this callback opportunity is that the current price is about to come to a key resistance point. When it comes to the resistance position, the price may give a callback opportunity.
If there is a callback, it will be like what we draw in the picture. After the support continues to rise, a very perfect shape will appear at the bottom, which is the head and shoulders bottom shape. After such a shape is here, the bottom rise will be more stable, and there is a key low point as our stop loss, which is also easier to enter the operation.
