On February 8, trader Eugene Ng Ah Sio posted on his personal channel, "Looking back at what has happened over the past week, from the perspective of high time frame (HTF) market structure, the market has clearly encountered problems."
While $60,000 remains a relatively reasonable support level, one lesson I learned in the last cycle is: don't aggressively long cross margin without a valid support level. In a bull market, the market often moves more wildly than you expect; and in a bear market, things are always worse than you anticipate.
I don't know where the bottom of this bear market is, nor am I sure if we've already bottomed out at $60,000, but survival is always the most important thing. Treat every trading opportunity as an independent decision and set stop-loss orders in case the market continues to worsen.
