Yesterday, the master placed a short order in the 58400-58800 range. After 2 am, the highest price reached near 58505. Subsequently, the lowest price in the early morning dropped to around 57111, and the pre-set short order in the article once again gained nearly 1300 points in profit. The pre-set long order from yesterday did not have the opportunity to enter the market, resulting in a missed opportunity.

Master's Hot Topics:

Currently, the probability of the Fed cutting interest rates in September has reached 92.5%, indicating a high probability of a rate cut in September. In addition, the number of rate cuts before the end of the year has changed from 1-2 times to 2-3 times, with the probability of 3 rate cuts exceeding 43%, indicating an increased investor expectation for this year.

Yesterday afternoon, the German government wallet began to transfer funds abroad again. As of now, the German government's BTC holdings have finally returned to zero, and the largest seller in the past half month has cleared all BTC holdings.

The impact on prices has been minimal, as there has been no significant change. The impact of selling pressure on the market is much smaller than the market policy volatility.

At the same time, ETF bought $300 million yesterday, maintaining a strong buying trend. The master believes that as long as it is positive, it means that stock investors recognize BTC. After the disappearance of German selling pressure, it has greatly boosted market confidence and sentiment.

Master's Trend Analysis:

BTC 1-hour chart:

Bitcoin failed to break the high point in the early morning and is forming a converging triangle pattern.

As the current range is not a decisive direction, the master suggests observing the trend within the converging pattern before trading.

Even though the upward momentum seems strong, there are many resistances above. Unless for medium to long-term investors, long positions in day trading should be quickly closed to take profits.

Today is the weekend, and the volatility is expected to be small, so trading strategies can be based on this volatility.

Resistance Levels:

First Resistance Level: 58350

Second Resistance Level: 58000

The success or failure of the market retesting near 58000 will determine the direction of the upper area of the converging triangle. There may be multiple resistances around 58000, and the short-term direction can only be determined when the price breaks above the converging triangle.

Support Levels:

First Support Level: 57350

Second Support Level: 56700

If the first support level can be maintained, a short-term rebound can be expected.

If the lower side of the converging triangle is broken, all moving averages will also be broken, so the master will also switch to a bearish view.

Today's Trading Suggestions:

Flexibly adjust positions after observing the trend within the converging triangle pattern. Due to the small volatility over the weekend, it is difficult to expect large profits. Therefore, after reaching a certain profit range, it is advisable to take profits in a timely manner and wait for the next buying point.

Please refer to these suggestions when trading.

7.13 Master's Short-term Pre-set Orders:

Long Entry Reference: 56700-57100 range, gradually enter long positions, defend 500 points, target 58000-58400

Short Entry Reference: 58400-58800 range, gradually enter short positions, defend 500 points, target 57350-56700

This article is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope it can help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical analysis of mainstream coins and altcoins, and spot mid- to long-term replay price prediction videos.

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