Master Chatting about Hot Topics:
Last week, BTC ETF continued the trend of net inflows on all days except Wednesday. The overall situation is similar to last week, but the overall buying power has strengthened.
The net inflow for the week totaled $397.1 million (accumulating 6578.89 BTC, while BlackRock only had a net inflow of 267.34 BTC on Monday in the past ten days, with no change in position for the rest of the time, and Fidelity has continued to maintain a continuous net inflow status recently.
In addition, MicroStrategy purchased 7420 BTC at a price of approximately $61,750 per bitcoin, worth about $458.2 million.
As of September 19, 2024, it holds a total of 252,220 BTC, worth about $9.9 billion, with an average purchase price of approximately $39,266 per bitcoin.
Currently, multiple major indicators show a trend of reversal in the market. Master believes that as long as the US stock market does not falter, there may be a big market rally at the end of the year.
Master's Trend Analysis:
Bitcoin broke through $64,000 again this morning and retraced to the previous high area, still maintaining an upward trend.
Furthermore, US Vice President Harris publicly pledged support for the cryptocurrency industry for the first time, which has led to an increase in trading volume and price.
Historical data shows that September is usually a month of decline. However, if Bitcoin can close above the September high, Master believes that there is a chance for further gains in October. In the past 11 years, Bitcoin has risen in October 9 times.
Resistance Level Reference:
First Resistance Level: 64,500
Second Resistance Level: 65,000
When the price breaks through the first resistance level, a short-term uptrend may occur. If you have already established a position, you may consider maintaining the current position and expect a retracement to $65,000. If you are preparing to enter the market, you can try breakout trading after the retracement.
Support Level Reference:
First Support Level: 63,700
Second Support Level: 62,700
In the scenario where the first support level is likely to be held, this is also a suitable opportunity for long positions after a pullback.
Trading Volume and RSI Indicator:
The current trading volume is increasing, so we can maintain expectations for a rebound. However, the RSI indicates that it is currently in the overbought zone, and a retracement can be seen as an opportunity to enter the market again.
Master's Short-term Pending Orders on September 23:
Long Entry Reference: 62,700-63,200 range, gradually enter long positions, with a 500-point defense, and a target of 63,700-64,500
Short Entry Reference: 65,000-65,500 range, gradually enter short positions, with a 500-point defense, and a target of 64,500-63,700
This article is exclusively planned and published by Master Chen (WeChat Official Account: Coin God Master Chen). If you need to learn more about real-time investment strategies, untangling, 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 cryptocurrency 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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