The recent market sentiment has changed from an extremely bullish sentiment to half long and half short.
Some people think that there is no resistance above 20000.
Some people think that BTC will have a big back retest after reaching previous high.
The basic of the short side is not nonsense,
From the previous bull run, there's always a big back retest.
While entering trade now,
You should think about this carefully.
Make a comprehensive consideration
Include:
Profit and loss ratio
consolidate or unilateral market
Stop loss
Or even the current market sentiment
Recently, the market fear and greed index came to 95,
Think about it carefully, who actually bought Bitcoin?
Do retail investors or institutions determine the price of BTC?
And if the future trend is doing a high consolidation action around 18000-20000, what does it mean behind this move action?
Is it possible for an institution and retail traders to convert funds?
At present, I think it is meaningless to speculate the ups and downs.
Because the trend still needs time to verify,
The current amount of information is unable to have the conclusion of how trend will be like.
Therefore, the consolidating market is also the easiest way to take away profits from retail investors.
Because most people can't wait patiently for a trend to be formed.
On 8/24, I mentioned that XRP broke through the weekly resistance, and on 10/25 I mentioned potential head and shoulders analysis, and I told you about entry methods.
In the end, XRP broke through and rose to the highest price of 0.78.
Although it is a bullish trend now,
It still takes several months to organize, observe and verify.
BTC is facing a huge resistance, of course it needs time to sort out,
At the same time, are the anxious retail investors can't wait ape in or enter the market now?
Be fearful when others are greedy. Be greedy when others are fearful.
Bull markets are always born out of despair,
And the current market is too hopeful,
Regardless of whether BTC exceeds 20,000,
I don't think this will be a good entry point.
Back to the chart,
We can see that the 7/27-9/2 trend also has high-level consolidating actions.
In the end, it fell to the market panic price and rose all the way to the historical high price.
I selected the last backtest to the price of 10,000 and the current highest price, pulled a back test at Fibonacci 0.618 at 13500, which is in line with what I said in the past that the BTC weekly w bottom neckline price.
Which is a good entering price.
The trend still needs time to verify,
As a trader, we wait for the price to fall back to the desired entry price and complete entering instead of guessing the ups and downs.
Some people think that there is no resistance above 20000.
Some people think that BTC will have a big back retest after reaching previous high.
The basic of the short side is not nonsense,
From the previous bull run, there's always a big back retest.
While entering trade now,
You should think about this carefully.
Make a comprehensive consideration
Include:
Profit and loss ratio
consolidate or unilateral market
Stop loss
Or even the current market sentiment
Recently, the market fear and greed index came to 95,
Think about it carefully, who actually bought Bitcoin?
Do retail investors or institutions determine the price of BTC?
And if the future trend is doing a high consolidation action around 18000-20000, what does it mean behind this move action?
Is it possible for an institution and retail traders to convert funds?
At present, I think it is meaningless to speculate the ups and downs.
Because the trend still needs time to verify,
The current amount of information is unable to have the conclusion of how trend will be like.
Therefore, the consolidating market is also the easiest way to take away profits from retail investors.
Because most people can't wait patiently for a trend to be formed.
On 8/24, I mentioned that XRP broke through the weekly resistance, and on 10/25 I mentioned potential head and shoulders analysis, and I told you about entry methods.
In the end, XRP broke through and rose to the highest price of 0.78.
Although it is a bullish trend now,
It still takes several months to organize, observe and verify.
BTC is facing a huge resistance, of course it needs time to sort out,
At the same time, are the anxious retail investors can't wait ape in or enter the market now?
Be fearful when others are greedy. Be greedy when others are fearful.
Bull markets are always born out of despair,
And the current market is too hopeful,
Regardless of whether BTC exceeds 20,000,
I don't think this will be a good entry point.
Back to the chart,
We can see that the 7/27-9/2 trend also has high-level consolidating actions.
In the end, it fell to the market panic price and rose all the way to the historical high price.
I selected the last backtest to the price of 10,000 and the current highest price, pulled a back test at Fibonacci 0.618 at 13500, which is in line with what I said in the past that the BTC weekly w bottom neckline price.
Which is a good entering price.
The trend still needs time to verify,
As a trader, we wait for the price to fall back to the desired entry price and complete entering instead of guessing the ups and downs.