I advise everyone not to rush into bottom-fishing; isn't this misleading? I've been nagging these days, don't easily go long, if the price is high, reduce your position a bit, if you can't understand the market, just hold steady and don't move, preserving your principal is the most important. I hope someone can take this to heart.
Recently, BTC has surged significantly, even Trump has come out saying that BTC should be part of the national strategic reserve. I guess many institutions and countries have quietly entered the market. Trump is a shrewd businessman, good at driving up prices, creating atmosphere, and enticing retail investors or competitors to buy at high positions; his tactics of buying low and selling high are quite adept.
Some say BTC is being used to pay off America's debts. I didn't understand this at first, but then I thought about it: the US has a foreign debt of 35 trillion, while the cryptocurrency market has a market cap of only 3 trillion, which is far from enough. Those apparent good news are just gimmicks, meant to raise prices and lure more people into the market. If you don’t enter the market? They have plenty of ways to get you in.
From BTC's current situation, there are changes at the weekly level, and the general trend is still upward. It is impossible to say it has turned bearish. During the pullback, there is support at the 5-10 week lines.
However, at the daily level, a large amount of funds has been flowing out in the last two days, and the big players are making a fortune. Some people got stuck yesterday. Currently, there is strong resistance around the 94,000 mark, and strong support around 85,000. If this support is effectively broken, then the trend may change.
At this time, spot players should not rush to bottom-fish; the time is not right yet. Many people are eager to go long just after a drop, which is not advisable; it might just be a massacre of wealth.
I do ultra-short-term trading, only looking at patterns and not at prices; I enter the market when the price is right. In 15 minutes or 1 hour, it's easy to go long or short, but stop-loss must still be set.
Now the trade war between the US and a certain country is fierce, and as soon as Trump took office, he increased tariffs by 10%. It's tough for that country. The financial war is similar, with mutual infiltration and back-and-forth.
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