BTC: Continue to go long, pay attention to 23K
Last week, the economic data released by the United States was mixed, and the US dollar entered a period of volatile pullback. The monthly rate of durable goods orders in January recorded -4.5%, worse than the expected -4%, the largest decline since April 2020. The February ISM manufacturing PMI recorded 47.7, lower than the expected 48; However, the ISM service index recorded 55.1, stronger than the expected 54.5. Both PMIs suggest that US inflation may be more sticky than expected, which may support the future prospects of the US dollar's trend, but in fact, the US dollar index recorded a drop of nearly 0.7% last week.
Although from the perspective of the US dollar and risk appetite, the price trend of Bitcoin (BTC) should have been boosted last week, unfortunately, there was negative news in the crypto circle last week. According to reports, the cryptocurrency bank Silvergate announced that it will delay the submission of its annual 10-K report for the 2022 fiscal year. Silvergate stated that "the company is currently analyzing certain regulatory inquiries and investigations related to the company." Immediately afterwards, many cryptocurrency companies and cryptocurrency trading platforms such as Coinbase, Circle, and Tether urgently announced the termination of business dealings with it. The news caused panic in the crypto circle and put pressure on the price trend of Bitcoin.
The daily chart shows that the price of Bitcoin (BTC) fell sharply last Friday, breaking through the range of 23,000 to 24,000. It is currently holding steady near the upward support line of 22,000, which started on January 18, and there may be an opportunity for rebound correction in the trend. If it goes up, the initial resistance will focus on 23,000, and further up, the resistance will focus on the 20-day moving average range of 23,600 to 24,000. Continuing to break through will win the opportunity to challenge 25,000 again.
Personal trading strategy: Enter the long position at 22,000-22,400, with the first target at 23,000 and the second target at 23,600.
However, if it effectively falls below 22,000, it may usher in greater downside space, further down to 21,500 and 20,000. Therefore, it is necessary to set stop-loss strictly, and stop-loss promptly when breaking through the support. I will also continue to pay attention to changes in the market and give the latest strategies, please continue to pay attention.
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BTC: the fall is just a prelude to a better rise
After Bitcoin fell below 22K, it was not surprising that it fell below 20K. This is something we cannot change, we can only say that the bearish market has temporarily won. However, in my years of trading experience, market trends are formed through continuous fluctuations, and we need to face them rationally.
When we started to establish a long-term position to buy Bitcoin, we emphasized that there was strong resistance at 25K, and it is normal to see a retracement during the upward trend. However, the extent of this retracement has exceeded my expectations. But I can only say that the larger the magnitude of the fall, the better the buy point it will provide. Personally, I will buy Bitcoin at a lower price below 20K and plan to hold it for the long term. For those who are optimistic about Bitcoin's future and think it may reach 10K or even lower, please don't rush to refute me, time will be the best answer.
I will continue to update my personal operations in the future, but of course, it is only for reference. Friends with small funds or poor trading mentality should not participate.
