Folks' market has taught me a lesson again.
The one-hour chart clearly tells us: the downtrend has not yet ended.
MACD yellow and white lines have steadily moved below the 0 axis, a golden cross turns into a dead cross - this is not a pullback, this is trend confirmation.
RSI is lying in the oversold area, but remember, oversold can become even more oversold.
The key issue now is not 'will there be a rebound,' but 'where to run when there is a rebound.'
Resistance level 21, high resistance 28 - these two positions are for you to escape.
Pay attention, the trading volume is shrinking, and the price rebound also seems to be struggling.
Even if it really rushes up to 21, there are still a lot of trapped positions around 28, breaking through all at once is too difficult.
So don’t be greedy, consider short positions when it rebounds to around 21, with risk control placed slightly above 28.
This is discipline and also the capital to stay alive.
Shengyi's opinion:
In the short term, first look at the range of 15-11, there will be a small rebound here, technical analysts will seize a short-term opportunity here.
But remember, it’s just a rebound, not a reversal.
The real stage bottom may be around 5.
If it really hits 5, that’s when we can seriously discuss 'buying the dip'.
What does the liquidation data indicate?
In the last 12 hours, it exploded to $1.31 million, in 24 hours it exploded to $2.14 million—most of it is long positions.
What does this indicate?
It indicates that most people are 'guessing the bottom', and as a result, they got trapped.
The market is always about a few people making money from the majority, don’t follow the emotions.
What should we do now? What is the most stable operation?
If your position is heavy, reduce your position during the rebound, don’t hold onto the position.
If you are in cash, wait for two positions: short with light positions as the rebound approaches 21, stop-loss above 28, target 15-11. If it directly drops to around 11, you can take a small rebound for a quick in-and-out.
But for large funds, you must wait for the structure around 5 to appear before taking action.
If you’ve read Shengyi's article and still don’t know what the direction is, or after reading the article you have a rough idea of the direction but don’t know how to operate, I suggest you find Shengyi's Binance chat room: 【1143032750】, which will tell you the most stable entry price, as well as specific stop-loss and take-profit points!
