Is Bitcoin breaking 120,000 just the beginning? Countdown to correction, Superman urgently offers advice!
Bitcoin has surpassed 120,000 USD, setting a new historical high. The market is divided on subsequent operations; whether to defend and wait for a correction or to chase higher needs comprehensive judgment.
Technically, the daily RSI has been overbought since May 15, and there is a bearish divergence on the weekly chart, indicating significant short-term correction pressure. In the past two months, whales have sold over 300,000 BTC, comparable to the inflow from ETFs, and profit-taking is exacerbating volatility. 120,000 USD is a key support level; if it breaks, it may test 118,000 - 117,500 USD.
Short-term (1 - 4 weeks) operations: For those with a holding cost below 110,000 USD, take profit at 20% - 30%, keep a core position, and set a trailing stop at 118,000 USD; for those not yet in the market, wait for a correction to stabilize between 117,000 - 119,000 USD and buy in batches, with a stop loss below 115,800 USD; for those with hedging needs, buy put options at 110,000 USD or open a light short position, with leverage not exceeding 3x.
Mid to long-term (3 - 6 months), if it breaks 125,000 USD, it is expected to rise to 130,000 - 135,000 USD. The probability of a short-term correction is high; one can short near 124,000 USD, targeting 118,400 - 117,400 USD. If it breaks below, continue to look down, and operate cautiously.
Let's be clear, there are many opportunities in a bull market, but it is also an elimination game; surviving is the most important! It’s still not too late to pay attention to Superman and get on board.
