In the past few days, the market has been on a downward trend, having formed the sixth consecutive bearish candlestick. By 8 AM tomorrow, the Binance candlestick chart will verify whether it’s a continuous 6 bearish candles or 5 bearish and 1 bullish candle? Almost a week has passed, $BTC
continuously dropping from a high of around 73657 to a low of around 67452! The space in between has a profit margin of up to 6200 points!
I’m not always profitable, nor do I open positions at the highest point or close at the lowest point! However, I currently still hold a small short position opened near 72000, and I have already set up a stop-loss. If there’s a rebound tomorrow, I will take this part of the stop-loss margin! If it continues to plunge deeper, I will still hold on! Just consider it a stubborn plaster; you can't shake it off!
In the past six days, Bitcoin encountered strong support at 67450, and it has stopped going down for two consecutive days! So, will the trend change? Many big players seem to have started converting shorts to longs? From a four-hour perspective, the downward structure is indeed still a downward trend! Nothing has changed! I still see tomorrow as November 5th, the U.S. election! Tomorrow will be very crucial!
Regardless of whether it's Mr. Trump or Ms. Haha in the election, both will cause some market fluctuations tomorrow! I really can’t understand this kind of market, so I plan to rest and observe tomorrow without opening new trades!
In this kind of market, I definitely won’t open new positions tomorrow, regardless of any coin! I truly can’t see the direction for tomorrow! Not understanding it means I will wait for the right-side trading signals, which although may seem clumsy and earn less than left-side trading, it’s stable enough to allow me to survive longer in the circle, naturally with a slightly larger margin for error! After the election results come out, and I have a certain direction, I will take action for short-term trading!
The above is for the reference of my contract trading brothers!
As for my spot trading brothers, don’t rush! Let’s wait until this week is over and then see; there’s plenty of time!
Currently, looking at the short-term pressure support levels:
4-hour pressure levels 69490, 71640
4-hour support levels 67450, 67050, 66600, 62857
The reversal will depend on which side breaks through tomorrow, changing or continuing the structure! If we see more than two breakthrough points and a continuation trend, I will open new short-term positions on that side!
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