Hello everyone, as of the time of writing, BTC is quoted at around 29,300. After hitting the upper pressure of 29,500 last night, BTC quickly pulled back to around 29,300. It is currently fluctuating and consolidating in the range of 29,000-29,600.

Judging from the trading volume, the main force is still in control of the market, and the buying at 29000 below has increased significantly recently. It is obvious that the market's bottom-fishing sentiment is still strong, and there are also relatively many sell orders at 29600 above. This has led to a significant increase in trading volume in this range, and the market has returned to the stage of long-short game.

From the news perspective, there is not much news that can stimulate the market. From the initial application for Bitcoin spot ETF or the impact of interest rate hikes, or the legislation on cryptocurrencies, there has not been much impact until now. The current position of BTC is ultimately due to the influence of trends, and there are no other factors affecting it.

However, whether there is any news or not, it cannot prevent a wave of "FTX"-style plunges before the bull market comes. The time to buy the bottom has not yet arrived. In the future, the price of Bitcoin will still fall below 25,000. Maybe many people will not believe this now, but you have to believe that this is the truth of this market. When everyone is ready to buy the bottom, it may not be a reasonable bottom-buying position.

Trading Trends:

The trend is still bearish, but in the short term the upper highs will gradually rise, but it will not destroy the existing trend. You can choose to enter short orders near the highs of the range and arrange your positions reasonably. Even if there is not much market movement, you can still get good returns.

Trading straregy:

The current high of the range is 29500, and you can choose to place an order at this position to enter the market. The space below can be selected around 29000. After all, it is still in a trend of range fluctuations, so there is no need to force too much profit. Arrange positions reasonably, set take-profit and stop-loss, and increase profits through position allocation to achieve the result of preparing for the bull market.

Spot:

Spot is not recommended for the time being. I personally think it is not necessary to build a spot position in the current state of BTC. Of course, there are many projects that have been popular in the market recently that can be ambushed, but most of them have market makers' manipulation and are easy to be trapped. I personally choose to ambush projects with news instead of blindly following the trend. #合约锦标赛 #BTC $BTC