$BTC

On Wednesday morning, looking at the data for Bitcoin, there are indeed signs of some panic. Both short-term profit-taking and loss-making investors are showing obvious signs of exiting. It seems that the sudden drop has shattered many investors' belief that it was the beginning of a significant rise. The extent of the drop has indeed exceeded my expectations. The situation has reversed in the last couple of days, with long positions liquidating $480 million in the last 24 hours, while shorts only amounted to $58 million. Therefore, I believe that the panic sentiment may be adjusted; for now, let's see how low it can go.

Never put all your chips on the table. The market always surprises people. The day before yesterday, when the price broke through the upper Bollinger Band, due to Trump's political policies, the price plummeted. No matter how good the price trend looks, you must always set a stop-loss to control risk. The market always has black swan events; it is always emotional rather than rational. The speculative market lacks rationality; it is filled with emotional speculators. In this market, greed and panic dominate price fluctuations, feel the heartbeat of the market, and trade according to its signals.

The momentum of the overnight rebound is not very strong; it is weakly consolidating emotions. Currently, although it has temporarily stopped, the daily and four-hour charts do not look optimistic. There are clearly observable patterns. If today's price cannot return above 98,000, then tomorrow may show signs of continued weakness, focusing on shorting during short-term adjustments and rebounds. At this time, do not think about bottom-fishing.

For early morning BTC short-term operations, short in the 97,500-98,000 area on the rebound, targeting 96,000-95,000. If it hits but does not break, we will come back again!