After Bitcoin BTC rose to $59,800 in the morning, it liquidated short positions and formed a long upper shadow. The price then fell below $59,000.
At present, the short-term target can be set at $58,500. There were 100 million long positions liquidated at this position before, and now this amount has increased to 150 million, so I think these long positions need to be liquidated.
The operation suggestion for BTC is: friends who open short positions can set the stop loss at $59,800 and do not set a take profit.
You can consider opening a long position near $58,500 and cover the position at $57,800 to achieve a small-scale hedging. In this way, even if the market trend does not rise as expected, the loss of long positions can be hedged to a certain extent.
The market is currently volatile, and it is sufficient to remain stable when it fluctuates within the range.
