LIFUI. O. LOR. #Bitcoin #Btcusd #BTC My Thoughts: Flash Crash

In my opinion, the bulls have dropped the ball. Failure to break above the current weekly high of $52956 is very likely to result in a retest of support at $28600. If that support is broken, I believe the price is likely to test support at $17500. I am bullish on the market as a whole, but I believe before the price makes new weekly highs, there is a high likelihood of a flash crash or a prolonged downtrend. How I manage my risk may be different from yours. New participants in the market are often unprepared for flash crashes and behave irrationally, which causes them to lose lots of their capital. I believe it is best for people to have a plan of how they would control their emotions and the decisions they would make in the event of a flash crash, or even a significant downtrend.

Rather than taking a short trade, I believe it is best to reduce risk and stay out of the market until the price makes a new weekly high.

Invalidation of this analysis would be if the price makes a new high above $52956.

This trade idea is not financial advice. I am not a financial advisor of any kind.

Please do your own analysis, responsibly manage your risk, and stay safe.

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