Bitcoin looks like it's about to fail, can it still struggle a bit? Will it keep falling to 70k? Hurry and take a look.
1. As shown in the chart, two days ago we discussed the logic of Bitcoin's trend, with the top around 78k/79k in an ascending channel, and the final correction likely to reach the lower boundary of the channel at about 69,000/70k. So how should we operate now?
2. The most correct strategy is to short at the top around 78,000, which we've been talking about for two weeks. But if you didn't get in earlier, you can still short on rallies; significant rebounds are good entry points. Before dropping to 70k, Bitcoin will pass through two support levels: one at 75k and another at 73.5k.
3. These two levels are likely to see good rebounds. If it rebounds at 75k and approaches near 76,500, you can start scaling into short positions. I personally hope 75k holds, and if there's a rebound, we can add to our shorts. Because I mentioned yesterday that I took partial profits on some shorts at this level, hoping for a rebound to re-enter. Of course, if there's no rebound, I can accept it and earn more if it drops further.
4. Besides shorting on rallies, aggressive traders can also try a small long at support levels—around 75,000 is worth a try, just a small position with a stop-loss set. The safest position is definitely near 73.5k, but that depends on your risk preference.
5. Overall, the market is consistent with our expected trend, so trading shouldn't be difficult. Short at 78,000, then take partial profits at support levels of 75,000, 73,500, and around 70k. If there's a strong rebound at support, re-short; if not, just take profits on other shorts. The logic is clear step by step—don't trade based on feelings. Before opening a position, plan your take-profit and stop-loss strategies. Let's work hard together!
