BlockBeats News, February 8th, trader Eugene Ng Ah Sio posted in his personal channel, saying, “Taking a step back and looking at what has happened over the past week, from the perspective of the high timeframe (HTF) market structure, it is obvious that the market has run into trouble.
Although $60,000 is still a relatively reasonable support level, one thing I learned from the last cycle is: do not go all in on a long position without a invalidation point. In a bull market, the market tends to be even more crazy than you expect; and in a bear market, things always turn out worse than you think.
I don’t know where the bottom of this bear market is, and I am not sure if we have bottomed at $60,000, but surviving is always the most important. Treat each trading opportunity as an independent decision, set stop-loss orders to prevent the market from turning even worse than it is now.”
