Good evening everyone, I am Xin Ya. The market has been quite tumultuous these past few days, and many people trying to take positions must be exhausted. In this situation, those taking positions are only looking at the downward target of sixty thousand or the upward target of seventy thousand, and the short-term struggle has left some people shaken. I'm doing okay, having harvested two and a half rounds. On July 17, that is, the day before yesterday, I hinted at a bullish view, which reached a new high. On the day of trading, after Bitcoin initially tested 64800, I was optimistic about a double test of falling first and then rising, so I made two short-term trades—one short and one long. During the rebound process, I also entered a third short position.
To be honest, with the market moving like this, it's hard to gauge the intentions of the main players. As you can see, clearly, there could be a continued move to the expected positions, yet every time before hitting the high and low points, there is a manipulation to wipe out high leverage positions. Isn't this just a way to kill those chasing the market? It’s understandable that after a consolidation, the market goes down; the first rebound encountered resistance, and the second rebound, with buying power breaking through 64800, is understandable, but then it drops back again. What does that even mean? The repeated fluctuations are just forcing those who chase highs and lows to get wiped out?
This kind of torture can only be handled from a short-term perspective. There is actually not much value in retrospection for this kind of market. The upper range has been tested several times, while the support below has yet to be tested. There was a rebound at 63800 once, and normally, it would first test the lower side. If 63800 cannot hold, it will further test the range of 62500-62800. If it holds, it will also test 64800 again. Let’s just watch as it goes.
Bitcoin is currently running around the hourly EMA 120, 144, and 64200. The four-hour EMA 120, 144 is conjoined around 63500. The MA 144 and MA 200 on the four-hour chart are at 62600. It has tested the upper side four times, so it's time to test downwards. During the rebound to 64800 in the evening, I entered a short position. If it rebounds, I will increase my position.
For handling the empty position, one can consider trading rebounds at the two positions of 63500 and 62800, with a stop loss at 62350; or short at 64800, add at 65500, and have a stop loss at 66200. In the short term, there will be fluctuations to digest discrepancies. As for Ethereum, pay close attention to the lower side at 1840, and the upper side at 1875.
One can enter at 1828, with a stop loss at 1808, or short at 1872, add at 1888, and stop loss at 1904.
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