Bitcoin has experienced a large bearish candlestick! Has it already hit the bottom? Where should we short? Let's do a brief analysis.
Currently, Bitcoin's support level is around $91,300. This drop has reached a low of $92,000, which is still a bit away from the support. I might wait for the price to return to around $91,300 before considering a short-term long position. As for shorting, I plan to enter around $94,000.
The ideal shorting point is near $94,000, and there is also some minor resistance at $93,300. If you haven't set up a long-term short position before, you can take advantage of the rebound to the high point to establish some.
This sharp decline is mainly due to the renewed escalation of the US-EU trade war. On Monday, Nasdaq futures plummeted, and the cryptocurrency market followed suit. This is not surprising.
If the cryptocurrency market really starts to drop, it will be fast. Last week, people were still shouting that the Bitcoin bull market had arrived, and today it has turned into market panic. As professional investors, we will not be influenced by market emotions. At the significant resistance level of $98,000, we should short when it's time to short; many people commented before urging me to change direction, but that might have actually been the last opportunity to escape.
Now we just wait for a rebound and then continue to short in the short term. Let’s all work hard together and keep it up!
