On Sunday afternoon, the sunshine in Shenzhen is nice, but the market is a bit cold.
I just checked the backend, and BTC has already broken the psychological barrier of $80,000, even dropping to a low of $75,719. This wave of decline has not only broken the short-term moving average support but has also completely broken the defense of many bulls.
Combining the data I just reviewed and this K-line chart, let's discuss a few core points:
Support level moving down: the previous strong support at $84,000 has now become a strong resistance level. Currently, BTC is trying to find a bottom around $78,000. If it cannot recover the $80,000 mark before the U.S. stock market opens tonight, it may need to test the major support at $72,000 in the short term.
Abnormal trading volume: The recent wave of selling was very evident at the bottom, indicating that there is panic selling happening at this position. As someone who has been running scripts for two years, I prefer to stay calm in such situations. The automated strategy has now switched to a 'batch defensive order' mode.
Mental game: Many people ask me if this market means the bull is over? In fact, after spending a long time in Web3, you will find that real opportunities often hide in these despair-inducing downtrends. Just like the 'Non-Exhibition Hall' content I have been working on recently: the more anxious you are, the clearer you need to see the essence of things.
Operation suggestions:
Don't resist hard: If your stop-loss is at $80,000 and it has been triggered, then step back and observe.
Batch picking: I am currently placing small positions at $75,000 and $72,000 respectively; rebounds after such a sharp decline are often very strong.
Holding cash is also a form of trading: If you are feeling confused right now, turn off your computer and have a cup of tea. In this circle, your position management is more important than your technical skills.
Are you currently trapped, or are you preparing to buy the dip? Share your support level in the comments, and let’s warm each other up.