[Market Review]
First of all, this round of the long position at 985 isn't as easy as imagined.
The lowest point was 90800, floating profit of 8000 points, did not take profit, took half profit when it returned to 938!
Currently holding the other half of the position near 96, which means the profit isn't as large as imagined, not fully consumed.
The support at 90,000 is still very strong, I previously mentioned three profit-taking points: 935-899-858.
The first two have basically reached, then they were defended by buying, and last night it surged to 972!
In just 48 hours, the market dropped 8000 points and then rose 7000 points, I believe many contract traders who don't understand the direction have been liquidated.
So, in a bull market, if you lack understanding, it's hard to earn money beyond your comprehension.
[Bitcoin Review]
Should I continue holding the long position at 1.986 or take profits and exit?
I chose to take all profits, the bullish daily level has formed an upward trend!
How should we view the direction at this stage?
Firstly, there is strong resistance around 975-98. The market may not rise easily. The current overall trend remains bullish.
Then our operation is to enter longs on pullbacks. But there's a risk point: the market still needs a wave of correction in terms of sentiment.
I just don't know if it will go up or not? If it goes up, from the current market perspective, it's very hard to grasp, with repeated spikes up and down.
It's like a girl, emotions can come without warning. But it's not that important!
We just need to execute according to the trading strategy.
At this stage:
Strong support below at 89903-85766
Strong resistance levels at 98088-99688
If the market continues to move sideways, then we won't make large positions, let's just trade within this range and see what happens!
How to operate at this stage?
I might consider entering a long position in Bitcoin today.
The principle is: it has pulled back to the daily BOLL support and formed a daily bullish close, indicating a daily level bottoming out.
Today it broke through the previous daily high! This fulfills the conditions for a bullish trend.
The only variable is the resistance level above 98, which is difficult to break through! This is what I'm worried about.
Let's watch the market today, if there's an opportunity, I'll bring you in!
[Ethereum Review]
Ethereum's movement clearly indicates a shift to a strong market player.
I previously emphasized that I am a loyal fan of Ethereum, firmly believing in a big explosion, at the very least looking at 6-8.
So at over 2000, I still brought everyone into holding spot, and held steady. However, around 3400, I took profits on 30%.
I was thinking of buying back at 2800 to make a trade, but it seems there's no way to buy at the lower level!
I can only gradually invest to make up for it.
From a contract perspective, it's not easy to chase the rise. Once the key level of 3550 is broken, the resistance level above moves to around 3800-4000.
I haven't taken you to trade Ethereum contracts in recent days, careful friends should have noticed.
The main issue is that Ethereum can move unpredictably, so when we don't understand the situation, our choice is to hold steady with spot trading and not engage in contracts for now.
If we see a pullback, I will also consider entering long!
Support levels below: 3533-3468-3355
