Hey, guys,
hope you're okay.
Yesterday the market liquidated positions worth 156 mln. This is very sad, but as a rule it is caused by not following the rules of risk management and excessive margin leverage. It happens and I went through it as well, as in principle probably everyone who has been in the market for a long time. The most reasonable thing to do in such a situation is to make a conclusion and learn the basics of MM and RM. I have a series of several posts on this subject and you can find it in my account.
What to expect from the market?
The price is under the downtrend, and may continue to decline if the key support of 64k is broken, at the moment there is a reaction and rebound from it, but this zone is likely to be tested. The key resistance zone at the moment is 67k, until it is broken it is too early to talk about a reversal. Short term I hold Long with entry point 65,500 and stop 62800, but this is a local short term story.
Altmarket seems to have finally capitulated, and we are likely to see some kind of pullback, especially if bitcoin will smoothly grow to the 67k zone forming a local sideways.
If you are confused by the wording possible, probably, maybe, it is because the market and trading is a set of probabilities, and one of the common mistakes is to insist on being right and not being able to adjust to the realities of the market.
Stay tuned.
