Is bitcoin reversing the door or breaking down?

Is bitcoin reversing the door or breaking down?
Bitcoin / US Dollar Perpetual Inverse Swap Contract BITMEX:XBTUSD
peter-l

Is bitcoin reversing the door or breaking down?

After 10 trading days of sideways trading, I think it's more because of the Chinese holiday. Although bitcoin is a global currency, we all know that Chinese investors are more small traders, which is also known as "leek". So in this market, Chinese investors are relatively important proportion, so when the Chinese "leek" people go on vacation, "banker" is also lost the target,

On the other hand, you can also look at the exchanges that are dominated by Chinese traders. If they are still very active, please check their trading volume .

Going back to the chart, what we see is a horizontal trend after a decline, which is a typical bitcoin chart, and there have been a lot of similar cases in the past, including the abcde trend I mentioned in my article a few days ago, which is a typical n-word chart


If it is according to the current long-short strength contrast, have indexes of prompt, short is clearly dominant, to continue to test the possibility of $7000 to support the strength greatly, but the currency "banker" has never been a conformist traders, so the "door" case in the history of too many, we see a drop in early April 2018, sideways ten sessions, in a strong rally. So don't jump to conclusions here.

The reason why a lot of people are anxious, I think it is the position that determines your attitude. If you are in a state of loss, it may be that you did not control the position and cost well before. Whether you did not reduce your position at the high level or entered the market too early, it is theoretically a wrong way of operation. The correct choice should be after the long trade trend formed, we choose to enter the market to do long, rather than predict the arrival of the bottom.

Strategy: if you hold spot now, it is recommended to maintain hedging, avoid losses caused by the fall, if you are still short, congratulations, waiting for a clear signal to appear in the admission not late. This is not the best opportunity to trade contracts. You may make a fortune by betting on the right thing, but you will lose it if you make a mistake. The current probability is 50%, both the short and long have a chance, and no one is certain to win.

Chinese chives -- China's nickname for ordinary investors, because there are many institutions in China, they can use information and capital imbalance, use improper means to earn ordinary investors' money, and these ordinary investors, like the harvest of "leek", are completely unable to resist, passive bear losses. So people call these investors "leeks".

Banker - the institution and individual who take advantage of capital advantage and unfair means to control prices and make excessive profits.