If you’re into cryptocurrency trading, you’ve probably heard the term “ATH” many times. Its reading is simply “A・T・H,” which is short for “All Time High.” In other words, it refers to the highest price that an asset has reached from the past up to the present.

Recently, I came across news that Bitcoin has risen to around $126,080, and this is exactly what it means to update an ATH. In the world of cryptocurrencies, this concept of ATH has a major impact on investment decisions.

The price at the moment an asset reaches an ATH isn’t just a number—it also reflects market strength and investors’ expectations. But here’s the tricky part. People who buy at an ATH may suffer large losses, while those who sell before an ATH may end up missing out on profits.

When the price reaches an ATH, it usually means a new record has been set. In this situation, selling pressure from the weak bears is often not that strong—instead, upward pressure from the bulls is frequently dominant. That’s why savvy investors can seize opportunities in this phase, but at the same time, many people make reckless trades based on intuition.

When an ATH appears, how should you respond? First of all, it’s important to use technical analysis such as the フィボナッチ数列 and the 移動平均 (MA). If you think of the market like a spring, to reach the high point, it typically needs to undergo a correction to build momentum.

Points such as the フィボナッチ比率 of 23.6%, 38.2%, 50%, 61.8%, 78.6%, and 100% function as support and resistance levels on the chart. Also, figures like フィボナッチ拡張 of 1.270, 1.618, 2.000, and 2.618 help you predict future important levels.

As trading rules near an ATH, it’s crucial to understand the process of price breakouts. Typically, there are three steps: in the 「アクション」 stage, the price breaks above the resistance level; in the 「反応」 stage, momentum fades; and finally, in the 「解決」 stage, the trend is confirmed.

From the perspective of position management, investors basically have three choices. People who believe in long-term holding can even keep all their assets. However, you need to carefully analyze whether the current ATH is temporary.

Most investors choose partial selling. In that case, you use フィボナッチ拡張 to gauge psychological resistance levels and then make your selling decision. It’s important to identify the low that formed the previous ATH and the low that formed the current ATH.

Some people make the decision to sell all their assets. If the フィボナッチ拡張 aligns with the ATH price, it may indicate that the uptrend could be coming to an end, so timing profit-taking here makes sense.

In the end, the phenomenon of crypto ATH is an important indicator for evaluating market conditions and making decisions that match your investment goals. When an ATH appears, how do you respond? If you have any tips for position management or related experience, I’d love for you to share them.