Jiang Zhuoer said the bull market is still ongoing, and believes July's 57,758 USD was the low point of this bear market cycle.
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AT A GLANCE
Jiang Zhuoer said the bear market has ended, and said July's 57,758 USD was the low point; he remains on the sidelines regarding where the current correction will bottom out.
Article
Jiang Zhuoer: The bull market is still ongoing, and July's 57,758 USD was the low point of this bear market cycle.\n\nPANews November 11 news: Jiang Zhuoer, founder of Litecoin mining pool, posted on X platform that a large number of on-chain indicators and long-term indicators indicate that the bear market has ended. July's 57,758 USD was the low point of this bear market cycle. The current question is where this correction will ultimately bottom out, whether at the 50% Fibonacci retracement level of 72,500 USD, or the 61.8% retracement level of 69,000 to 70,000 USD. Jiang Zhuoer also reviewed that his BTC long position previously triggered a 5% stop-loss at 72,700 USD, and he opened a short hedge position at 73,000 USD. From now on, he will reduce long-term and short-term trading and mixed long-short operations, and remain on the sidelines for the time being.\n\n🔗 https://www.panewslab.com/zh/articles/01a1cb21-2a76-7266-ad63-abffbf474d60
Key points
01
Jiang Zhuoer posted on X platform that a large number of on-chain indicators and long-term indicators indicate that the bear market has ended.
02
Jiang Zhuoer said that July's 57,758 USD was the low point of this bear market cycle.
03
He suggested that the current correction may bottom out at the 50% Fibonacci retracement level of 72,500 USD, or the 61.8% retracement level of 69,000 to 70,000 USD.
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Jiang Zhuoer said his BTC long position previously triggered a 5% stop-loss at 72,700 USD, and he opened a short hedge position at 73,000 USD.
05
He said that from now on he will reduce long-term and short-term trading and mixed long-short operations, and remain on the sidelines for the time being.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This news relays Jiang Zhuoer's judgment on the market cycle and the trading arrangements he described. He believes the bear market has ended, but has not determined the bottom of the current correction, and says he is temporarily on the sidelines.
Why it matters to readers
This content reflects Jiang Zhuoer's personal market views and trading arrangements; the report does not list specific data for the indicators he cited, so it cannot be confirmed from this whether the bear market has ended or where the price bottom is.
The retracement levels in the article are reference points for observing potential price support areas, not a guarantee that the price will definitely bottom there. A stop-loss is an arrangement to exit a position according to preset conditions.
Risks and unknowns
The report does not provide specific data or independent corroboration for the on-chain indicators and long-term indicators it mentions.
It is not possible to confirm from this news the content of Jiang Zhuoer's original post or the basis of his indicators.
72,500 USD and 69,000 to 70,000 USD are the possible retracement positions he proposed, and do not represent a confirmed bottom.
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Related concepts
Fibonacci retracement
A technical analysis tool that uses Fibonacci-related ratios to identify potential support and resistance levels on price charts.
