At present, Bitcoin has entered a downward channel. From the perspective of large-cycle trend analysis, Bitcoin will conservatively reach around 60,000 next. Now it only needs a downward momentum for the market to sense.

However, many people still hold the idea that Bitcoin will reach 65,000 or even 70,000 directly. Even if you don’t believe in the trend analysis I made, there is no need to be a long position. Trading is for profit, not for enjoying the trading process, let alone being a long position.

No one who really trades cares whether the price of Bitcoin is high or low, falling or rising. They only care about whether there is a chance to make a profit from trading!

Due to the 50 basis point interest rate cut by the Federal Reserve, Bitcoin has made up for the previous decline and walked out of the deep V market. Now it has ended and started to decline. Even if it can’t return to around 56,000, it will not be a problem to pull back to 60,000 or even 59,000.

Shorting at highs is still the best strategy at present. Position control is good. If you don’t understand position management, you can leave a message for consultation. Don’t trade casually without understanding. If position management is not in place and the entry point cannot be controlled, trading based on feelings is tantamount to gambling and has no meaning!