Yihua Yi says Bitcoin pullback may not be over and warns against constant trading

Liquid Capital founder Yihua Yi said Bitcoin’s recent rebound during a broader decline does not mean the correction has ended. In a post cited by BlockBeats on Oct. 13, Yi said weakening U.S. equities and rising oil prices have added pressure, with BTC falling below the midline on the 4-hour chart, which he identified as the 20-period moving average. He added that, aside from the weekly chart, Bitcoin is showing weakness across the 15-minute, 1-hour, 4-hour and daily timeframes. Yi also referred to the earlier move down from around $86,000, saying Bitcoin repeatedly fluctuated and tried to break through the strong resistance near $87,000, a setup that had made him uneasy. During the pullback, a brief move above the key $84,000 level could also easily trigger emotional swings, he said. Based on that reading, Yi urged traders not to stay involved in the market at all times. In his view, the cost of a wrong trade is greater than the cost of missing an opportunity, and investors should stick to their trading rules instead of being thrown off by short-term volatility.