New Direction on Tuesday

CN
2 months ago

The change of heart leads to a change in attitude; a change in attitude leads to a change in habits; a change in habits leads to a change in life. The market on Monday was quite strong. In the early morning, with Powell's speech, the price rose to around 63700 and then retraced for consolidation. The bulls showed strong momentum in the morning, pushing the price to around 64900. We entered a short position near 62900 last night, and after adding to the position in the early morning, we closed the position to break even and then reversed to a long position, gaining 1200 points in the morning. The latecomers did not enter a short position near 62900, closed the long position in the morning, and gained 86 points. The market cannot only rise without falling unless all the news is positive. Being trapped in such a market also provides many opportunities for rescue, it just depends on whether you can seize them. If you don't have the skills, you might as well leave the professional matters to the professionals.

As for the current market, the daily candlestick shows a strong upward trend, with a space of nearly 4000 points between the opening and closing prices. The market has risen with the news, and after such a rise, there hasn't been much of a retracement. In the morning, it rose another thousand points, with a slightly insufficient retracement. Although the current structure has not broken through the upper range, the oscillation range is around 64700. There is still a good chance of a strong rise with volume. Looking at the structure on the four-hour chart, the price has been consistently moving around the upper range without any signs of correction. After breaking through the upper range, the weak oscillation correction gave the bulls the momentum to rise again. In this scenario, the bulls still have room for volume, while the bears are currently at a disadvantage due to the news. The intraday suggestion is to continue buying on retracements.

For Bitcoin, it is advisable to buy in the range of 64000-64500, with a target near 66000. For Ethereum, it is advisable to buy in the range of 3430-3460, with a target near 3560.

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