Is there still hope for BTC to rebound? What is the bottoming point for BNB in the bear market? Can fans' coins still be bought?
Currently, BTC is in a terrible market, fluctuating back and forth. Whether in spot or futures markets, liquidity is extremely scarce. A few days ago, I mentioned that the $60,000 level is a phase bottom, followed by a downward consolidation zone. I also said this is similar to the first wave of BTC's downward trend, after a sharp drop from 116,000 to 80,000. During the 3-4 week correction period, it rebounded up to 20%. The rebound from the 60,000 level corresponds to around 72,000. A couple of days ago, BTC rebounded from 60,000 to a peak of 72,200. In the short term, I estimate this kind of fluctuation will become wider, perhaps dropping to around 59,000 or 58,000, then rising back to around 73,000 or 74,000. And so on, continuously sweeping stop-loss orders. The so-called stop-loss sweep means targeting the stop-loss lines of many long or short futures contracts to cause price pinning in the spot market. This results in contract liquidation, forced stop-loss, and exit. Therefore, for futures trading, short-term levels of 65,000 and 58,000–60,000 are two points worth betting on for medium- to long-term long positions, with a slightly larger stop-loss. The upside target is 72,000; only if this level holds can we challenge the key resistance at 75,000.
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Is there still hope for BTC to rebound? What is the bottoming point for BNB in the bear market? Can fans' coins still be bought?
Currently, BTC is in a terrible market, fluctuating back and forth. Whether in spot or futures markets, liquidity is extremely scarce. A few days ago, I mentioned that the $60,000 level is a phase bottom, followed by a downward consolidation zone.
I also said this is similar to the first wave of BTC's downward trend, after a sharp drop from 116,000 to 80,000. During the 3-4 week correction period, it rebounded up to 20%. The rebound from the 60,000 level corresponds to around 72,000.
A couple of days ago, BTC rebounded from 60,000 to a peak of 72,200.
In the short term, I estimate this kind of fluctuation will become wider, perhaps dropping to around 59,000 or 58,000, then rising back to around 73,000 or 74,000. And so on, continuously sweeping stop-loss orders.
The so-called stop-loss sweep means targeting the stop-loss lines of many long or short futures contracts to cause price pinning in the spot market. This results in contract liquidation, forced stop-loss, and exit.
Therefore, for futures trading, short-term levels of 65,000 and 58,000–60,000 are two points worth betting on for medium- to long-term long positions, with a slightly larger stop-loss. The upside target is 72,000; only if this level holds can we challenge the key resistance at 75,000.