Recently, many partners asked me to analyze the trend of the market. Here I would like to share my views and experience!
At present, Bitcoin has been in what we call the bull flag pattern, showing a trend of disordered ups and downs. The market has been slow to give a clear direction here, mainly because it is waiting for the news of interest rate cuts to land. We can see that every time the price of Bitcoin wants to break upward, it will always be suppressed; and when the price wants to go down, it will be pulled up again. This fully shows that there is a huge divergence in the market here, and it is not willing to rise sharply or fall deeply.
As for why I chose to open a dog order last night, it was because the phenomenon of this wave of the market was quite strange. The altcoin just followed the market down, but there was no sharp drop, which made people expect that the altcoin was building a big bottom. And dogs has formed a head and shoulders bottom pattern. Based on this, I entered the market with a small position, just to calm down. However, holding it for a night was like riding a roller coaster, and I didn’t get any benefits.
In short, with the interest rate cut approaching, the market trend is full of variables. We need to wait patiently for the market to give a clear direction, and at the same time do a good job of risk control to deal with various possible situations.
