Bitcoin just took a nosedive, what should we do about this drop?
As mentioned in my updates a few days ago,
I closed most of my shorts, keeping only the earliest one.
And I funneled the profits into some US stocks and Bitcoin spot trades, gearing up for a swing.
Originally, the plan was that,
with MSTR raising more funds, the chances of a quick revisit to 59100 are quite low.
So ideally, I expect Bitcoin to bounce back to around 70k, then I'll add to my shorts,
and in the meantime, I'll ride the wave of the US stock gains.
But ever since the news from Bank of America about three panic rate hikes by year-end dropped yesterday,
US stocks, Taiwan stocks, gold, silver, and Bitcoin have all been in a slump,
and the dollar index is super strong, looks like that news had a big impact.
If we don’t get a bounce,
then my plan is to hold off on adding to shorts,
and instead start accumulating spot gradually, with the short I opened at 106K getting closed around 52K.
If it really drops, don’t expect too much profit from shorts,
better to slowly shift into a bottom-fishing mindset, buy the dip and hold for three years.
Although I think it probably won't break down for now,
just in case, I’m updating this article early. $BTC $ETH $SOL
As mentioned in my updates a few days ago,
I closed most of my shorts, keeping only the earliest one.
And I funneled the profits into some US stocks and Bitcoin spot trades, gearing up for a swing.
Originally, the plan was that,
with MSTR raising more funds, the chances of a quick revisit to 59100 are quite low.
So ideally, I expect Bitcoin to bounce back to around 70k, then I'll add to my shorts,
and in the meantime, I'll ride the wave of the US stock gains.
But ever since the news from Bank of America about three panic rate hikes by year-end dropped yesterday,
US stocks, Taiwan stocks, gold, silver, and Bitcoin have all been in a slump,
and the dollar index is super strong, looks like that news had a big impact.
If we don’t get a bounce,
then my plan is to hold off on adding to shorts,
and instead start accumulating spot gradually, with the short I opened at 106K getting closed around 52K.
If it really drops, don’t expect too much profit from shorts,
better to slowly shift into a bottom-fishing mindset, buy the dip and hold for three years.
Although I think it probably won't break down for now,
just in case, I’m updating this article early. $BTC $ETH $SOL