Post
Bitcoin Forecast: Reference Daily K
Review: Yesterday I saw a breakthrough at 760 and hurriedly entered a long position, which was indeed an operational issue, as I didn't wait for a pullback before getting in, leading to a stop loss being hit before it came back up.
Returning to the K-line: Currently, the major coin is at a price of 777, and my view remains bullish. However, at this position, I won't consider entering; I can only observe.
The main reason is that this position is too close to the previous high, and it's also difficult to set a stop loss with a poor risk-reward ratio. It's not worth entering; I can only pay attention to whether there are shorting opportunities later.
As for shorting, the first choice is the upper edge of the daily channel + the liquidity position on the left. The second option is near the previous high at 782, but this position can only be approached from the right side. If it breaks out and then comes back, then a right-side short can be attempted; if the entity K-line stands above, then forget it, better to wait for the channel position.
So, does shorting mean expecting a big drop? Not necessarily! As long as the price doesn't drop below the lower level of 732 for a day, I won't be too bearish and will only look for a pullback. If it breaks below 732, then this bullish structure will be damaged, and I can shift from a primary bullish and secondary bearish stance to a primary bearish and secondary bullish stance. $BTC
{future}(BTCUSDT)
Review: Yesterday I saw a breakthrough at 760 and hurriedly entered a long position, which was indeed an operational issue, as I didn't wait for a pullback before getting in, leading to a stop loss being hit before it came back up.
Returning to the K-line: Currently, the major coin is at a price of 777, and my view remains bullish. However, at this position, I won't consider entering; I can only observe.
The main reason is that this position is too close to the previous high, and it's also difficult to set a stop loss with a poor risk-reward ratio. It's not worth entering; I can only pay attention to whether there are shorting opportunities later.
As for shorting, the first choice is the upper edge of the daily channel + the liquidity position on the left. The second option is near the previous high at 782, but this position can only be approached from the right side. If it breaks out and then comes back, then a right-side short can be attempted; if the entity K-line stands above, then forget it, better to wait for the channel position.
So, does shorting mean expecting a big drop? Not necessarily! As long as the price doesn't drop below the lower level of 732 for a day, I won't be too bearish and will only look for a pullback. If it breaks below 732, then this bullish structure will be damaged, and I can shift from a primary bullish and secondary bearish stance to a primary bearish and secondary bullish stance. $BTC
{future}(BTCUSDT)