Jiang Zhuoer: The bull market is still intact; $57,758 in July may be the lowest point of this bear market

Odaily: Litecoin Pool founder Jiang Zhuoer stated in a post that the bull market is still ongoing, with a large number of on-chain indicators and long-term indicators showing that the bear market has ended. He believes that when Bitcoin fell to $57,758 in July, the bottom of this bear market had already formed.

Jiang Zhuoer stated that the market currently needs to focus on whether this correction will finally stop at the Fibonacci 50% retracement level of $72,500, or further decline to the 61.8% retracement level of $69,000 to $70,000.

Regarding trading, Jiang Zhuoer revealed that after the Binance hack incident, he bought a small-cap DeFi token at $76,600, believing that from a long-term trading perspective there was no problem, but at the same time holding a 100% position in BTC long orders was an error of mixing long-term and short-term trading. Afterward, BTC fell to $72,700, triggering his 5% stop-loss line, and he was forced to establish a hedged short position at $73,000.

Jiang Zhuoer stated that he will temporarily step aside and observe, and if BTC further falls to $70,500, he will close the previously established $73,000 hedged short position.