Master's Hot Topic:

Bitcoin continues to rise under the push of multiple favorable factors, including:

• The possibility of Trump's re-election

• Expectations of a rate cut in September

• The imminent launch of Ethereum spot ETF

After digesting the selling pressure from Mt. Gox, Bitcoin is still on the rise.

Master's Trend Analysis:

BTC 1-hour chart:

After breaking through the high point of 64.8K yesterday, Bitcoin formed an upward N-shaped fluctuation and broke through the upper side of the converging triangle.

Due to the significant rise that has already occurred, the master does not recommend buying at high prices. Instead, it is advisable to wait for overbought conditions and a correction range, and focus on opportunities after the pullback.

Although a bearish divergence has formed at present, the RSI indicator has not turned downward, so a rebound can be expected in the short term.

However, due to the formation of the bearish divergence, the master believes that if there is a decline at the current situation, it is actually a buying opportunity.

A descending wedge pattern is forming on the 1-hour chart, and the probability of a correction is increasing at the end of the wedge pattern. However, due to the strong buying pressure in the current market, if the upper resistance level is broken, there is a possibility of a significant rise.

Resistance Level Reference:

First Resistance Level: 65650

Second Resistance Level: 66600

Currently testing the first resistance level, if it can continue to break through and set a new high, then the bullish view can be maintained.

Instead of entering the market immediately, it is better to pay attention to the testing situation of the first resistance level and wait for a pullback, which is more conducive to risk management.

Support Level Reference:

First Support Level: 64800

Second Support Level: 64100

The first support level is also an ideal area for short-term entry, and currently waiting for the appearance of a correction in the market would be a better strategy.

As it is testing the high point, it is better to wait for a correction before entering the market for a rebound, rather than expecting a direct rise without a correction.

Today's Trading Suggestions:

In today's trading, it is advisable to maintain a bullish view and focus on opportunities for long positions after a pullback.

Due to the significant rise that has already occurred, it is better to consider the possibility of a correction rather than expecting a continuous rise, which is more conducive to risk-reward ratio.

If no entry opportunities are provided and the price continues to rebound, then it is advisable to be patient and pay attention to the situation of forming a bottom.

Please refer to these suggestions when trading.

Master Chen's Short-term Pre-set Orders on 7.17:

Long Entry Position Reference: 63700-64100 range for phased long positions, defend 500 points, target 64800-65650

Short Entry Position Reference: 66600-67000 range for phased short positions, defend 500 points, target 65650-64800

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). 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 to 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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