2024.6.5
Why is the sentiment for Bitcoin higher than Ethereum this week, and why is its upward trend stronger than Ethereum's?
First, in the past two weeks, the main speculation was on the ETH spot ETF, coupled with continuous positive news, Ethereum once approached the 4000 mark, while Bitcoin experienced a pullback after approaching the 72000 mark, and this pullback was greater than that of Ethereum. Buy the rumor, sell the fact. As the news gradually eases, a trend of pullback is inevitable.
Second, the intervention of capital flow. In the past two weeks, Ethereum's popularity was higher than Bitcoin's, mainly due to capital, institutions, and retail investors buying in frenzy, boosting the price of the coin, with Ethereum standing out. This week, as Ethereum's popularity declines, these market manipulators will shift their focus to Bitcoin, buying in frenzy, leading to Bitcoin once again breaking through the 71000 mark.
Third, there have been many news events this week (such as the non-farm payroll report), which may release positive news in advance, prompting market manipulators to buy in early. When retail investors follow suit, they will take the opportunity to exit, leaving retail investors at the top of the mountain.
How to operate in this situation?
Think like the market manipulators to defeat them. When market manipulators buy, retail investors follow. In such a frenzied market, we must remain calm, control our positions, avoid chasing the rise, keep a bottom position, and prevent being left empty-handed if the bull market returns.
Exit all positions before the news arrives, wait for the right opportunity, lightly short at key resistance levels, be prepared with a stop-loss, and be ready to welcome the waterfall. This is the time to bet big with a small position!
Bitcoin stabilizing above the 70000 mark is a sign of a frenzied market, and we can go long with the trend, but not blindly chase. Look at Ethereum at this time, it has basically not fluctuated much. According to past logic, when Bitcoin takes off, shouldn't Ethereum follow suit? Except for BNB setting a new all-time high in the past two days, other cryptocurrencies are basically maintaining the status quo. The current cryptocurrency market is really chaotic, but we still need to maintain a clear attitude and focus on the mainstream!
Short in the 71200-71500 range in the morning, with a target of 70200-70500, synchronized with Ethereum!
Like and follow to stay on track.
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