7.5 Bitcoin plunge begins! How to choose short selling?

Bitcoin has now fallen to 54,000, and the lowest price has come to around 53,000. So the entire large box structure at the daily level should be confirmed to have fallen through. According to the situation, the downward trend has started, and our next goal may be to focus on short selling.

The main way is to observe the situation of the low point retracement. For example, at the low point before 58,000 in one hour, the price had retreated and then there was a very fast and strong decline directly to around 53,000, which was a very large short decline.

From the daily line, the current 53,000 position is also the point where the previous support and resistance exchange, so it is expected that there is a rebound opportunity at this position, so I think you don’t have to rush to short sell now, you have to wait patiently for an opportunity to rebound, because if you are too anxious to enter, the sudden rebound after such a large decline is also not small, it is easy to blow up your stop loss, so you still have to be patient, there will always be a market, but your principal will not always be there.

And we can also observe the current situation from the current perspective of Ethereum. As shown in the figure, it is obvious that Ethereum has fallen to a very critical support position. The price stayed in this area for a very long time before, and then there was a very strong rebound, and there was a very large positive line rebound in the middle very quickly.

So the current Ethereum price has returned to here again. I think there is support, so in contrast, Bitcoin should also have a small support here, and then we have confirmed that we have entered a downward trend, so it is a wiser choice to short at the current rebound.

​#BTC走勢分析