After many weeks, it seems that the psychology of investors has cooled down a bit, which warns of a general downtrend in the market that has not yet concluded.
If the previous bottom test of BTC was at 91.5k, the buying rate of Usdt was around 26.1. However, currently, we see that although the market price of BTC has dropped from 102k to 92k, the buying rate of Usdt is still only 25.8. This shows that the current price level is not attractive enough to attract smart money to participate.
Looking at the weekly candlestick chart structure, it is easy to see that even though today is Thursday, the trading volume of this week is almost equal to last week, so the upcoming bottom at 92k is unlikely to hold if there is no buying support.
Currently, it is unclear when the long-term downtrend structure will conclude, but it is necessary to pay attention to the volume status on daily and hourly candles to identify the areas with a high probability of recovery.
The idea of short-term profit-taking, in my personal view, is still not feasible for spot trading, while futures will currently aim for the price recovery of BTC and short. The potential price range will be 95k-96k. Previously, I also shared a short position at 99k-100k, but I hit a stop loss at 102k right before it dropped, which was quite unfortunate.
As for the issue of when to enter spot trading, there have been many articles I shared before, so I won't discuss it again.
If anyone has questions or needs support, please comment below, and I will respond.
