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Bitcoin reached 79,400 last night, will it hit 80k today? Has the bull market arrived?
1. After a false breakout, Bitcoin extended its upward trend, then fell 2,000 points. I also took a short position on the right side to follow the trend and close the position.
2. How will Bitcoin move today?
There is a lot of liquidity for short orders around 79,600 above. If it moves upward, you can place a short order around 80,000. The limit is 81,000, but it will eventually go down.
3. When will it crash?
Currently, after Bitcoin's rise, there are more short orders than long orders, so it won't crash. Only when there is a large number of long positions and the market turns bullish, with short stops being hit, might it fall.
There are signs of this now, but there is a lot of liquidity between 79,500 and 86,000 above. Will it eat through that?
4. The four-year cycle should still be in effect. Retail investors who buy the bottom after the non-bottom will only see the real bottom when they want to buy the dip but have no money left.
5. If you didn't choose a false breakout today, you can place an order above the support level of 76,500. There should be a rebound. If it breaks below 75,000, stop loss.