After Bitcoin, which had no new bitcoin news, fell $300 yesterday, our bullish enthusiasm must have been adjusted. The bitcoin price cannot break through the resistance zone of 6500-6600. As usual, things that cannot be higher must be lowered.
The problem has been light, because many traders are waiting for bitcoin news. We will be approved by the Bitcoin ETF on September 30, and many traders do not want to bet. Lack of quantity can also cause problems, whales entering and moving the market and leaving many bulls out of their place. As far as I am concerned, my position is very long and I look forward to the next round. Unfortunately, the price has dropped, I only need HODL my core location and wait.
While I am waiting, I am thinking about what the next step should be. So let's assume that Bitcoin takes a 6100 double bottom on the chart, as shown in the BitMex chart.
Did I press the short press or did I wait for a long time? If we take out the 6100, we are likely to test the 5740 low. If the 5740 fails, many traders aim at 4820.
I think the correct course of action is the long-term average. As the price drops, I will gradually expand. the reason? Because no matter where it is, I think we will see a very significant price rebound and recovery, it will happen very quickly.
The main reason why I didn't sell short was that I was not sure when to rest. I don't want a brief trigger, then when I sleep I enter a short position, the market crashes, but then I am looking for a rally. I don't want to be short, not at these levels. The best thing I can do is to throw a limit order and buy about 5800, 5700, 5500, 5000. This way I am averaged, especially if a flash crash occurs. If we have a panic selling at a new low, this is probably the most likely scenario. The good news is that if this happens, there will be a lot of money waiting for the purchase outside the bitcoin market. That's why I don't worry about whether the market is going down.
The biggest problem with the price returning to around 6,250 is psychological. This bear market is wearing a lot of people. I can say that because Google search traffic has dropped. Encrypted investors just don't pay attention to their coins as they did before. The bear market has destroyed many investors, and many investors have lost more than 90%. To make up for their losses, coins need to rise by 1000% or more to break even.
The best position now is on the side of the statutory or tethered field. I use bitcoin coin at these levels and will buy more bitcoins as the price drops.
My team and I are paying close attention to the market and waiting for the next major move. To learn more about my thoughts on the encryption market, see my interview with Crypto Rich on the YouTube channel. Hope you like it.