On October 7, Bitcoin started to exert its strength early in the morning, rising rapidly, and the highest point was almost touching 64,000. From the 4-hour chart, we can see that the point of 64,000 is not simple. It was a rebound high point when the trend reversed before, and now it has become a new "roadblock", that is, a resistance zone.
Moreover, in general, such a situation of rushing at the opening will most likely be followed by a correction, just like taking a break when you are tired of climbing a mountain. So, when we operate Bitcoin today, we can try to short first, and then go long after the correction is almost done. This is the strategy of "short first, then long".
In terms of specific operations, I suggest that you open some short orders near 63,700, that is, sell some Bitcoin. If the price continues to rise and reaches around 64,200, we will add some short orders, that is, sell some more, but we have to be careful, after all, there are risks in the market.
However, we also have to set up a defense line. If the price breaks through 64,600, we have to admit defeat quickly and close the short position. Don't hold on. As for the target, let's focus on the vicinity of 62,600. If it pulls back to this position, we can consider buying back the bitcoins we sold before, that is, going long.
In general, the operating idea of Bitcoin today is "short first, then long". Everyone must respond flexibly according to market conditions and don't rush in all at once.
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