The BTC market is currently in a state of volatility. Last night's enthusiasm was affected by the vote on the new crypto bill in the US House of Representatives, but the new bill failed to pass, causing the market to fall back. The bill was affected by the division of interests between two rights organizations in the United States. The Republican Party tends to be moderately regulated, while the Democratic Party tends to be stricter. The market over-interpreted the failure of the new legislation and generated some FOMO sentiment.
In addition, Japan's Web3 Conference and Bi'an's actions have also become market hotspots, and some people interpret them as opportunities for the market to start, but this information should be treated with caution. When the market is the coldest, exchanges and institutions may still take action, but it does not mean that the market enthusiasm has returned.
The market currently lacks obvious bullish or bearish factors, and everything is waiting for the results. The enthusiasm brought by the ETF application is fading, and the main force is more convenient to control the market during the shock, which may lead to a weakening of trading interest. The Bollinger Band channel has been extremely narrowed. According to past data, a short-term change may occur this week, but there are no obvious signs yet. Personally, I think that if a short-term change occurs, it may be mainly downward, and long orders need to pay attention to risk aversion.
The overall trend is mainly oscillation, with a range of about 500-600 points. The oscillation may be broken at some time. If it fails to break through tonight, it may have to wait until the weekend night.
Spot trading is currently suspended, referring to the overall market situation. For several tokens with long-term layout, there is no need to worry about stop loss when the price drops, and you can wait for the opportunity to cover the position when the price drops. This is the previously set position building method.
Trading strategy suggestions: When the trend is bearish, you can consider taking high short orders to ensure safety when the market fluctuates within a certain range. Taking rebound orders is risky and easy to be trapped, and there is also the risk of a small change in the market. High short orders are the main way to go, and you can open a small position to short, and cover the position when the market rebounds.
