Just now, I closed all my long orders.
When everyone was expecting and shouting that the big cake would soar to the sky, I still chose to be calm, even though I have been emphasizing that it would pick up in September and take off in October. I still need to reduce my positions first and close my positions first.
The reasons are as follows:
First, take a look at the chart. The daily chart of $BTC actually shows a whole downward trend channel. I originally thought that it had not touched the boundary line yet, and theoretically it would touch 67,000 or even 68,000. But it seems that the sentiment has not continued to fomo in the past two days, and the main hot spots are still on meme.
And the Federal Reserve is preparing to make a speech next week, and it is easy to understand that the market will avoid defense after hearing the news.
At the same time, most mainstream cottages have risen by more than 30% to 50% from the low point. If we look at it according to the rebound market, this is already a very qualified rebound trend.
Finally, from the technical indicators, almost all of them are in a high overbought state, and there is a certain need for a callback to release risks.
Of course, this does not mean that BTC will plummet immediately, or even fall to a deeper position. I absolutely do not agree with this! All pressure points are used to break. A slight decline helps to accumulate greater strength. Before taking off, you always have to squat.
The view of taking off in October (70,000+) remains unchanged, but I think a callback to 64,000 or even 62,000 is not too much, right?
So, since there are risks, I, who have a low-risk preference, chose to reduce my position in the cottage and temporarily deleverage. Wait for the right time to get on the train. (Only for currencies other than the top 10, $BTC and $ETH will not be sold even if they are cut in half tomorrow!)
The above is just a sharing of personal opinions, welcome to communicate. Finally, I wish CZ a rebirth, unlock freedom, and continue to lead the development of the encryption industry!
