As expected, Bitcoin has reached the first downward support level of 70,500 mentioned in my previous article.

Attention to those playing with Bitcoin👹👹

Currently, the overall trading volume is extremely exaggerated; it resembles a deep abyss crazily absorbing water; based on Binance's trading volume alone, the transaction amount has already reached ten times the usual, and this data is still surging! This is just the volume from one exchange!
Although increased volume is a good thing, we must also understand that the so-called transaction amount represents not only buy orders but also sell orders. On a deeper level, there are also the phantom volumes created by market makers manipulating the market, aiming to test the waters and induce retail investors to go long or short based on their situation;
The more this type of situation arises, the more we need to pay attention to price fluctuations. The greater the fluctuation, the higher the long-short ratio; a sideways market indicates stability. Currently, the upward trend is still evident, but if the upward trend starts to weaken as prices rise while the trading volume continues to explode, it indicates that the long-short ratio is approaching or reversing!
Therefore, at this moment, I personally do not recommend chasing the highs, because even if the market makers quickly push past previous highs, short positions will increase significantly. I have never believed in infinite bullets; even market makers will only consider whether continuing to push higher yields greater profits or whether falling yields greater profits. Instead of chasing the highs now for a 2000 point gain, the risk you're facing is proportionally increasing.
If you must enter a long position, I suggest using a small position and watching closely for short-term trades; take profits when there's a gain. Around 73900, there is significant selling pressure; short positions + peak profit-taking. If it breaks the previous high and continues to rise, there may still be profit to be made, but if there’s a decline near the previous high, you’ll be the one caught at the top.
Although I have opened short positions, I am not suggesting everyone follow me into shorting. I am using a staggered position strategy, increasing my position for every 1000 points rise to average down. I have prepared 100,000 as margin; if it directly pushes to 90,000 and gets liquidated, I accept that, but as long as there’s a pullback along the way, I am ready to reduce my position quickly. If it pulls back and then rises again, I’ll continue to average down.
All my altcoins are currently in profit, and I am prepared to use altcoin profits to hedge against the floating losses from Bitcoin's rise. As long as the altcoin gains outpace Bitcoin's, I will at most break even! For those who can't resist entering now, look for previously strong coins that are currently not too high in price and have recently shown strong upward momentum for a reasonable rebound.
This is purely personal advice, proceed with caution #BTC☀