Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 13:24, September 29th, Beijing time
Market Information
- Former Chinese Vice Minister of Finance Zhu Guangyao called for attention to the research of cryptocurrencies;
- US Senator Lummis: If Trump is re-elected, SEC Chairman Gensler may resign next year;
- Santiment: The current market bullish sentiment is overly FOMO, and it may be difficult for BTC to quickly reach a new high;
- The net inflow of the US Ethereum spot ETF this week is approximately $84.5 million, the highest weekly inflow since early August;
- IntoTheBlock: The correlation between BTC and US stocks this week has reached the highest level in two years;
Market Review
In the past two days, with CZ's release, it can be considered good news for the market. Bitcoin rebounded, and the A-share market also returned to the 3000 point mark, indicating that safe-haven assets are flowing into the market. Other markets are also experiencing inflows due to interest rate cuts, causing a rebound in the market. This is one of the reasons why the cryptocurrency market remains high.
Earlier, we mentioned paying attention to the 64000 resistance level for Bitcoin and the 2675 resistance level for Ethereum. It was suggested to lightly short around the resistance levels. However, the resistance was unable to hold back the rebound of Bitcoin. Currently, the price has reached as high as 66498. After Bitcoin stabilized above 64000 on the daily chart, it is not advisable to short anymore. The current market situation is a rebound that basically does not provide opportunities for pullbacks. Ethereum is still okay, as it has not yet broken the high point of 2820. If you entered the market as recommended, you are still near the cost price. Ethereum is relatively weaker, and with the current international environment, it is unlikely to see a significant pullback until the opportunity of the November election. With the upcoming national holiday, I wish everyone an early happy holiday. It is recommended to focus on long positions during the holiday trading. I hope everyone can make good profits while going out to play or resting during the National Day holiday.
Market Analysis
BTC:
Looking at the daily chart, Bitcoin has stabilized above 64000, broken through the 200-day moving average resistance, and the previous short-term high of 65000. The next short-term resistance for Bitcoin will be around 70000-71000, near the previous high point. Influenced by the interest rate meeting and the inflow of safe-haven assets, the cryptocurrency market continues to rebound. Currently, it seems unlikely for a significant pullback. Unless it reaches above 70000, there won't be an opportunity. For October trading, it is recommended to focus on long positions during pullbacks. For short-term trading, the recommended entry point is near 64000. It is expected that a pullback will occur from Sunday to Monday or Tuesday, followed by another rally. The target for the rally is not to short until it reaches 70000. The market is currently bullish, but it won't continue to rise without a pullback. For October trading, remember that pullbacks are opportunities for long positions. Manage your own risk for short-term trading.
ETH:
Ethereum's trend is still relatively weak. Although it has made some effort compared to before, its performance is still not satisfactory. The previous high point of 2820 has not been broken yet. If it fails to rally today, Ethereum will experience a pullback before rebounding. The recommended entry point for long positions is around 2485. The recommended entry point for short positions for Ethereum was around 2675, and it is currently near the cost price. You can hold it until around 2500 and then exit for profits, and then make a new layout based on the trend. In the future, whether Ethereum can break through 2820 will determine its new rally towards 3090, near the 200-day moving average resistance. For trading, it is recommended to short during pullbacks, and wait for profits from these short positions before making a new layout. Manage your own risk for short-term trading.
In summary:
Both Bitcoin and Ethereum are currently bullish, but it is expected that there will be a pullback in the next two days, followed by a new layout for long positions.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
Follow the public account "加密老赵" to explore the market together;
Buddhist saying: "Impermanence" is the norm of life. Here, "impermanence" refers to uncertainty and unpredictability. Everything that causes us pain is due to excessive pursuit of certainty, such as: love, family, work, and friendship. Therefore, investment is based on the ability to defend and attack, using limited funds that can be amplified infinitely without affecting the quality of life, rather than constantly being defensive. In short, use limited funds that do not affect the quality of life to do things that can change fate or improve life once successful. Defense is only to prevent things from getting worse, while offense can make things better than they are now.
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