Master's Hot Topic:

In the past month, the overall market sentiment has been leaning towards panic. However, starting from last week, the greed index has gradually risen. Currently, it has reached the greedy sentiment level of September for the first time, with the index at 61.

In addition, in recent days, the ETFs of Nasdaq and S&P have fallen instead of rising. First, the US stock market did not rise in the past few days, and then the US dollar exchange rate also declined.

Currently, the domestic stock market is in an extremely frenzied state, with a large amount of panic-driven capital pouring in. People are crowding to buy, and there has been a clear trend of short selling. At this time, all technical indicators have temporarily lost their effectiveness, and the market is completely driven by emotions.

So, some friends will definitely ask, what impact does the sharp rise in A-shares have on the cryptocurrency market?

In fact, when there is more money in the market, people usually look for ways to hedge against inflation. Especially, Bitcoin is considered a good tool to hedge against inflation, so in this situation, it often shows more advantages.

However, historically, whenever a large amount of capital flows into the market, the price of Bitcoin usually rises significantly.

Master's Trend Analysis:

Bitcoin maintained a sideways consolidation over the weekend, continuing to fluctuate within the range.

The first support mentioned by the master, 65.8K, has now become a resistance. Currently, it needs to stabilize above 65.8K to increase the possibility of further rebound.

If the continued resistance testing fails, the market may generate a sense of disappointment due to the failure to break through. At that time, it is necessary to pay attention to selling pressure and consider dealing with the fluctuations within the range.

Resistance Reference:

First Resistance: 65800

Second Resistance: 66150

After breaking through the first resistance, it is recommended to pay attention to the psychological resistance level of 66K and adjust positions according to the situation.

Currently, the risk-reward ratio of long positions is not ideal, so it is recommended to wait and observe after breaking through 66K. Then, look for opportunities for pullbacks when the trend changes, which is conducive to risk control and more stable trading.

Support Reference:

First Support: 65500

Second Support: 65300

Due to the sideways status, it is recommended to deal with the support levels in stages.

If it falls below the first support, the downside range may open up to 65K. It may continue to increase the bearish trend, so it is advisable to also pay attention to the movements of the 20-day and 60-day moving averages.

Today's Trading Suggestions:

There is no short-term trend reversal yet, so it is advisable to maintain an adjusting viewpoint and patiently observe.

In the short term, you can enter from a bearish perspective, but if the downtrend line in the chart is broken, it can be considered a trend reversal, and adjust the viewpoint accordingly.

Master's Short-term Pending Orders on 9.29:

Long Entry Reference: 64800-65300 range, gradually enter long positions, defend 500 points, target 65800-66150

Short Entry Reference: 66100-66600 range, gradually enter short positions, defend 500 points, target 65500-65300

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 it can 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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