Bitcoin bulls counterattack, are they going to hit $75,000?
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Bitcoin’s 5-day closing line closed today, and the market is once again full of enthusiasm
With the arrival of the bull market, the market is also very confident. As long as Bitcoin is stronger, everyone thinks that it will soon break the previous high.
However, these market sentiments do not represent the essence of the market. Whether it will rise or not, how much it will rise, whether it will break the previous high, how much it will break the previous high, etc... These all need to be judged in conjunction with the K-line.
As a technical person, I never unilaterally rely on one point when looking at the market, because all my past experiences have told me: the market is changeable, everything seems reasonable, but it is unreasonable.
Retail investors seem to call it unnecessary, but after many years of working in the trading industry, this so-called paranoia has helped me avoid countless risks and grasp many key market trends.
This comes from my own truest understanding. No matter how right or wrong the outside world is, it is impossible for me to abandon this "true scripture" polished on the edge of life and death.
The market will never be where most people are right and a few people are wrong. Only if you live long enough in this industry can you have the opportunity to buy the "two" in the 28-year rule of financial markets.
Therefore, I am used to analyzing the subsequent market trends through clues on the market, and finally come to a conclusion that I am convinced of.
This conclusion is also the core of my subsequent decisions: buying, selling, adding to positions, and reducing positions. It is also the "Art of War" that I rely on to survive.
From the 5-day line, we can draw the following points:
1. A stop and reversal signal appears: rising engulfing
2. Although the market is rising, the number of long positions is shrinking.
3. The short position is strong in the early stage, but the stamina is insufficient.
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