Contract trading is nothing more than two directions, and the first consideration for long and short entry decisions is the overall direction. Following the major trend and taking a reverse position will never be wrong! There are several points to the trading mechanism: do not operate frequently; do not hold positions in two different currencies in the same direction at the same time; the initial position should not exceed 5%, with 1-2 times the opportunity for additional positions reserved; additional positions should not be too close, and adding positions at support and resistance levels will never be wrong. Stop loss is a must for the second break; learn to wait for opportunities, and only with patience can you find the most suitable entry point. It's better to miss out than to make mistakes; after exiting, learn to review and identify the problems and strengths of the trades; make good use of distributed position building, reducing positions, adding positions, and taking profits; review technical indicators on the market, and look for signals of rebound and retracement; continue to improve and maintain good trading habits, stay humble and cautious, and only then can you achieve long-term profits in the industry! Li Hui will continue to uphold professional knowledge, meticulous analysis, unique position building techniques, and a calm spirit to assist every coin trader in successfully gaining valuable wealth and continuously realizing their own value in the coin circle! I hope everyone can achieve financial freedom in 2024! Keep it up!
Bitcoin market analysis and trading recommendations for August 7th:
Yesterday, the article on Bitcoin suggested setting up a long position below 56300, and once again, it was suggested to pay attention to the EMA30 on the 4-hour chart. If it does not break through, consider taking profits on long positions and switching to short positions. As can be seen, the intraday market showed slow rise and fast fall, confirming the effectiveness of the short position.
Looking at the 1-hour chart, the Bollinger Bands are contracting downwards, and the evening candlesticks are moving down from the upper band, indicating that the DIF and DEA, after a brief standoff at high levels, have formed a dead cross and the fast line is once again moving towards the zero axis, suggesting that the current market is likely to continue to retrace. The target for short positions can continue to be around the low point of 54100 from yesterday.
The candlesticks on the 4-hour chart are once again suppressed near the upper band of the Bollinger Bands and the EMA30, as expected in the previous article, and have now moved down to the current lower band position. From the MACD chart, it can be seen that the volume continues to contract near the zero axis, and after a brief contraction, the DIF is expected to diverge from the DEA again within the 4-hour Bollinger channel. This range may continue for several days. It is recommended for everyone to set up long and short positions, but also be prepared for the possibility of a dead cross between the DIF and DEA, so long positions should be defensively managed.
On the daily chart, the bearish indicators at the higher level have not shown any significant changes, with the EMA10 about to cross below the EMA150 and approaching the EMA200. The EMA15 and EMA30 are following suit, indicating that the market still needs to continue digesting the rebound after the sharp decline.
Taking into account the above indicators, Li Hui believes that there may not be a significant breakthrough for the bulls in the short term. Continue to pay attention to the resistance at 58000 and the 4-hour EMA30 line, and consider entering the market at its lower position.
It is recommended to short above 57000 on the rebound, with a stop loss at 57600, and targets at 56100-55200-54300; if it breaks through, look at 54000-53600. It is also recommended to go long in the 54000-54300 range on the retracement by 2%, with a stop loss at 53500, and targets at 54700-55800-56900.
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I, Li Hui, interpret world economic news, analyze global trends in the coin circle, and have conducted in-depth research on currencies such as BTC, ETH, LTC, DOT, EOS, BNB, and SOL while studying in the United States. For those who are not familiar with trading, feel free to leave a comment!
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This article is exclusively published by (WeChat public account: Zhang Li Hui) and does not represent any official position. The points mentioned above are for reference only, and the risk is at your own discretion! May we always carry humility and courage in this complex and chaotic coin circle, fear no challenges, and dare to explore. Just as the road ahead is long, "the road ahead is long and far-reaching, I will seek and explore." May we read thousands of books, keep up with the times, and draw wisdom from the fountain of knowledge. After traveling thousands of miles, experiencing storms, witnessing scenery, and understanding life, may you, under the guidance of Li Hui, avoid weaknesses and play to your strengths, and create value together. May we always remember the market's baptism, not forget our original intentions, and thus achieve consistency. In the wave of digital currency, holding firm to our beliefs, forging ahead with determination, may we, hand in hand with Li Hui, jointly compose the future's brilliant chapter and share the joy of success. Let us gather in the turbulent world of digital currency, make the most of our time, and create brilliance together. Li Hui is willing to embark on this challenging and opportunistic investment journey with you.
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