Master's Hot Topic:

Yesterday, Grayscale released a research report, which includes an analysis of the current market. Grayscale analyzed that the current market selling pressure mainly comes from five aspects, namely, Mt. Gox compensation, German government selling, US government selling, continuous outflow of Bitcoin spot ETF, and Bitcoin miners reducing holdings.

Grayscale believes that the fundamentals of the current market bull market have not changed. Once the selling pressure from these aspects disappears, the market will quickly resume its bullish trend.

Master personally believes that the market does not need to wait for the selling to end, as the market will naturally absorb this selling pressure once it begins.

Price adjustments will be very quick. Combined with the Fed's interest rate cut starting in September, it is expected that the market will enter a major bull market process in the fourth quarter.

Master's Trend Analysis:

BTC 4-hour chart:

Bitcoin failed to hold the previous high after rebounding and has now fallen below 61,000.

If the current 4-hour level falls below the lower channel, it may form a bear flag pattern, so attention should be paid to the risk of further decline.

Intraday, the bearish view can still be maintained, and if the current price can hold, the expectation of a short-term rebound can be maintained.

Resistance Level Reference:

First Resistance Level: 61,950

Second Resistance Level: 62,600

If Bitcoin breaks through the psychological resistance zone of 61,000 and stabilizes, then it can attempt to retest 62,000.

Even in the event of a rebound, Master believes that continuous rebound should not be expected. Instead, a bearish view should be taken within the above resistance range, with a focus on shorting after the rebound.

Support Level Reference:

First Support Level: 60,700

Second Support Level: 60,000

The current range around 60.6-7k is considered a region with good risk-reward ratio, where a short-term rebound can be expected, but stop-loss should be strictly set. If it falls below, it may lead to a sharp decline, so it is necessary to set a stop-loss, with the maximum downside target being 60,000, and be flexible in responding to trades.

Today's Trading Suggestions:

Today's trading strategy is to attempt a short-term rebound after a major decline, and after a full rebound, focus on the resistance range to adopt a short strategy again.

Also, please pay attention to the formation of the bear flag pattern and use it as a basis for trading.

Please refer to these suggestions when trading

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

Long Entry Reference: 60,200-60,600 range, staggered long positions, defend 500 points, target 61,950-62,600

Short Entry Reference: 62,600-63,000 range, staggered short positions, defend 500 points, target 62,000-61,000

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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