Don't worry about not having a confidant on the road ahead, there are like-minded people on the investment path. Good afternoon, everyone! I am BitKing from the Coin Victory team. Thank you all for coming here to read BitKing's articles and watch the videos. I also hope that those brothers who have been following BitKing will come back. Without further ado, let's get started. First, let's review the price strategies given in yesterday's live broadcast and communication group. A short entry signal was given for Bitcoin near 63800, and a short entry signal was given for Ethereum at 2670. After reaching the designated positions, the market immediately fell. Bitcoin dropped to around 62700, and Ethereum dropped to around 2590. BitKing's long strategy was to enter a long position near 62800 for Bitcoin, and the highest point today was near 64800, with a rebound profit of 2000 points. Almost all the profits of the market were captured. Congratulations to friends who have watched BitKing's articles, videos, entered the live broadcast, and joined the communication group.
After the self-promotion, let's take a look at the specific market analysis. First, let's look at Bitcoin. The current price trend of Bitcoin shows that it encountered strong resistance near the previous high of 65K and is under pressure again. The position of 64800, which was mentioned in BitKing's article the day before yesterday, is a position that I mentioned must be shorted. In my opinion, it can still be shorted after reaching this position, with a stop loss of 300-500 points to take a profit of 2000 points, which is an appropriate overall profit-loss ratio. Currently, the short-term support level to watch is around 63800, which is the previous resistance level. According to the principle of reversal, it can be used as a short-term support level. Aggressive investors can go long at this level, and those who seek advice can still pay attention to the technical support level of 63200 to go long, with a stop loss of 300 points.
Range and key support and resistance levels: Resistance: The first resistance is near 64800. If Bitcoin can break through this level, it may further test the second resistance at 65500. If the price successfully stays above 64800, a stronger rebound can be expected, and it may even test the area above 66K again. Support: The first support is near 63800, which is currently an important short-term support level. If it falls below this level, the price may further test 63200 or even lower to 62500. The second support at 63200 is also a strong defensive line. Once the price falls below, it may lead to more bearish sentiment and further push the market down.
Short-term trend: From the 1-hour chart, after the failed test of 65K, Bitcoin entered a period of oscillating adjustment, and the price is still within the range. Although there are signs of breaking the upward channel recently, the rebound momentum has not diminished, and the market sentiment has not fully turned bearish. If it can hold the support at 63800 and break through the resistance at 64800 again, Bitcoin still has the potential to continue to rebound. But if the support is lost, it is necessary to be cautious about the downside risk.
Trading strategy suggestions: Short-term long: You can look for buying opportunities in the range of 63200 to 63000 and gradually take profit when the price rebounds to test 64800. The key is to pay attention to whether the price breaks through the resistance at 64800 with trading volume. If it does, there is potential for further upward movement. Short strategy: If the price falls below the support at 63200 accompanied by increased trading volume, consider going short with the target set at lower key support levels.
Market sentiment: The current market is still in a cautious stage and needs time to correct after the previous sharp rise. Therefore, there may be oscillating trends in the short term. It is recommended to pay attention to changes in trading volume and the breakthrough of the range.
Now let's look at Ethereum. The price of Ethereum (ETH) is fluctuating between approximately $2,600 and $2,680. The current market focus is still on the monetary policy of the Federal Reserve. As central banks around the world have gradually started to cut interest rates, more money is flowing into the market, but it still takes time to flow into specific financial markets. Here are several key factors affecting the trend of Ethereum in September 2024:
Macroeconomic environment and potential Fed rate cuts: If the Federal Reserve decides to cut interest rates in the future, it may drive capital into risk assets, including cryptocurrencies. Rate cuts often weaken the US dollar, prompting investors to enter the cryptocurrency market, thereby boosting the price of Ethereum. Market capital inflows: The market value of stablecoins has increased recently, indicating an increase in capital inflows into the cryptocurrency market. This also helps support the price of Ethereum.
Short-term technical analysis: Ethereum's price range is hovering between $2,600 and $2,700. If the lower support level ($2580) can hold, it may support further price increases in the next few days. The upper resistance level is expected to be around $2,750 to $2,770.
Specific operational ideas: Long positions can be entered at around 2580 for Ethereum, with a target of 2650. Short positions can be entered near 2680, with a target of 2610. The stop loss for both is 30 points.
This article is written by the Coin Victory team. If you need help with trading, you can find me. Because the recent market has been mainly oscillating, accompanied by intermittent sharp movements, when placing orders, remember to control your take-profit and stop-loss well. In the face of major market data, BitKing will also organize live broadcasts across the network. Friends who need to watch can find the Coin Victory team across the network and contact me for the link at that time.
Mainly targeting spot, futures, BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, adept at the style of mobile lock position warfare around high and low support and pressure levels, short-term wave high and low positions, medium and long-term trend orders, extreme retracements on the daily K-line, and top predictions on the monthly K-line.
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