$BTC

$BTC
This week I haven't had much time to watch the market. This time the long position that broke below 88 was moved to stop loss. Today I saw there’s still a little position, but for now, I’m not managing it. In the next few days, there might not be many updates, but I will increase the updates next week.

Currently, the trend should be a sideways movement at the weekly level. If it doesn't drop tonight, and if the small head and shoulders bottom at the closing tomorrow morning doesn't break below 86, it should be considered the second bottom of the daily line. Based on the volume from the 21st, the position at 80,000 is still acceptable for now (just looking at the daily line). Next, we might enter the adjustment of the upper and lower Bollinger Bands on the daily line. The range is still a large medium center oscillation around the 838-926 line!

In a downtrend, long positions can be taken or not taken, or done lightly. The 838 line is a 12.k6 retracement of 1.54k, and the Fibonacci 0.618 position of Bitcoin should still have support here. However, support in the face of a trend is meant to be broken!

Operation:

For the short term, based on the formation of the head and shoulders bottom, a small long position can be taken at 87-866, with a stop loss at 858 and a take profit at 89-915.

For the long term, with the high position death cross on the monthly line, there is a chance to bounce to the 93-96 line for layout. Holding for 1-2 months should not be a big issue. A secondary signal on the weekly line will indicate a reversal.

Also, during this time, I've realized a trading mindset: when holding trend positions, never guess the price, only focus on how the current pattern is moving. It's important to observe different levels, especially not to overlook the large levels.

Sometimes, many people trading contracts make a fatal mistake: they believe it will definitely reach a certain position! This usually leads to greed, anger, and ignorance, where a strong obsession affects long-term trading.

The market must be followed as it moves, not guessed. — This is what it means to go with the trend!