Jiang Zhuoer, founder of BTC.TOP, said Bitcoin did not appear to be forming the cycle’s top when it reached $84,000 at 5 p.m. on Sept. 21, and the price later briefly approached $86,000. In his view, the current order-book structure leaves traders with elevated risk on both sides of the market. He said there is a clear order vacuum between $85,000 and $88,000, while the $82,000 to $85,000 range also lacks sufficient resting orders. Under those conditions, he argued, both long and short positions carry high trading risk. Jiang described the move as a “bulldozer-style” rally and said traders should not try to pick the top unless Bitcoin first trades sideways at high levels for a period and then suddenly posts a fast one-minute surge. Rather than trying to sell at the absolute peak, he said it makes more sense to give up part of the upside and wait for a pullback before entering on the right side of the move.
According to BlockBeats, Jiang Zhuoer, founder of BTC.TOP, commented on Bitcoin’s latest price action on Sept. 21.
Jiang said that when Bitcoin rose to $84,000 at 5 p.m. that day, the chart pattern did not look like the top of the current move. The price later briefly climbed to nearly $86,000.
He said there is a clear order vacuum in the $85,000 to $88,000 range, while the $82,000 to $85,000 area also shows a lack of orders. In his view, that leaves both long and short trades carrying relatively high risk at current levels.
Describing the market as a “bulldozer-style” rally, Jiang said traders should generally avoid trying to call a top unless the price first consolidates at high levels for some time and then suddenly posts a rapid one-minute spike.
He added that instead of trying to sell at the highest point, traders may be better off giving up part of the profit and waiting for a pullback before taking a right-side trade.
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