Wednesday summary and thought analysis, "No market has volatility as large as the cryptocurrency market. This month's fluctuations have made my scalp tingle, and I don't know which way the market will go." This is what one of my fans said today, and it seems to be true. Today we faced another reversal, turned around and rose by nearly 6000 points, and I'm sure some traders got hit hard. However, I was also looking for a decline yesterday, and I was no exception. The whole network publicly set the target for Bitcoin at 93500-94500, and unfortunately, it all got washed out! Fortunately, I turned around in time to go long and turned losses into gains, making 1200 points in total with 5 trades, 2 losses and 3 wins, which is a small consolation!
BTC intraday layout:
First wave:
(1) Bitcoin 92765 decline, 93300 exit, loss of 535 points
Second wave:
(1) Bitcoin 93719 decline, 93156 exit, gain of 563 points
Third wave:
(1) Bitcoin 93247 decline, 93900 exit, loss of 653 points
Fourth wave:
(1) Bitcoin 93949 rise, 94757 exit, gain of 808 points
Fifth wave:
(1) Bitcoin 94728 rise, 95748 exit, gain of 1020 points
From a technical structure perspective, the bottoming process is a recovery rise, pushing the price gradually higher. The bullish momentum is switching to maintain an upward trend. If the retracement can be recovered so obviously, then it is clear that the bulls have made another effort. The previous resistance at 95000 has been broken, and today's bullish rise is just beginning. The next step of recovery will continue, and breaking the high is just a matter of time!
No matter if you continue trading at midnight, do not participate against the trend. In a situation where the rhythm is clear, admitting your mistakes is not ugly. Adjusting your thoughts to achieve the desired results is the original intention and purpose. In short-term operations, we proceed with the trend, adjusting to go long as needed, aiming for 97500-98500!
At this time, as the market turns around again, I don't know how many people will speak out harshly, but that's how the market is. Whether it's a decline or a rise, we must look at short-term, observe the swings, and follow the rhythm. Otherwise, it will be like a magnet, unable to help but move in one direction until it goes to zero. We must learn to let go of our own opinions; this is the essence of simplicity! Rise and decline happen in the blink of an eye, why cling to it? Taking profit is the way to go!