Market Insights
Can Bitcoin rebound after the drop?
We shorted Bitcoin at 123,600 this morning and exited at 118,490.
We warned about the related risks yesterday and today, and it finally took effect.
After Bitcoin hit the key POC area around 117,200, it made a V-shaped recovery.
SOL also made a V-shaped recovery at the critical level of 187.
I mentioned these levels in the channel, and as expected, they rebounded after hitting.
You can see that ETH and SOL have rebounded strongly, and altcoins are also relatively resilient.
I believe this might be the point where altcoins take over (if we don't completely turn bearish).
In the worst-case scenario for Bitcoin, I think it will oscillate in the 116-117 range before testing upwards.
In a better scenario, it could directly test the 120,000 range.
ETH's recovery is relatively quick; I believe there will be at least one wave of rebound.
I hold meme coins related to SOL, as well as SOL and AVAX.
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