Do not worry about having no friends on the road ahead; there are like-minded individuals on the investment journey. Good afternoon, everyone! I am the King of Coins from the Coin Victory Group. Thank you all for coming here to watch the King’s articles and videos, and I hope that the brothers who have been following the King will return.

Click the link to watch the video:https://www.bilibili.com/video/BV11z2zYkE3z/

First, I want to apologize to everyone. My judgment on Friday was incorrect, and I must stand corrected. Looking back, in the articles and videos publicly shared by the Coin Victory Group on Friday, I suggested an operational strategy for Bitcoin, indicating that one could enter around 61200, targeting a drop to 60000. However, on Friday night, the market unexpectedly broke down, triggering stop-losses for short positions. For Ethereum, I suggested a short position at 2420 and a long position entry between 2330 and 2340, with stop-losses set at 15 points. Unfortunately, there was no opportunity to enter the long position, and after entering the short position, the stop-loss was hit at 15 points. Subsequently, I provided an entry strategy at 2470, which was successfully reached, but the market then retraced, giving an exit opportunity around 2430. However, this is not important. The purpose of today’s article is to share my thoughts and reflections on the current market situation and my judgments on future trends. It may not be correct, but it will definitely provoke thought among everyone.

Next, let’s analyze why there was a significant rise on Friday. In fact, in the article I updated on Friday, I mentioned that institutional users had already noticed the discrepancies in the CPI data, and the market was experiencing a certain level of panic, causing the price to break below the psychological support level of 60000 for bulls. Here, we can hypothesize: if you knew that a major drop was coming and the price had already broken below 60000, and the subsequent market rebound reached previous key support levels, according to the principle of support and resistance reversal, these levels (like 60300, 61700, 63200) would have turned into resistance. What would you do? You would definitely short, right? The King has previously said that wealth is not created in the crypto world; it is merely redistributed. If everyone shorts and makes money, who will lose? Clearly, there aren’t enough retail investors! Therefore, before a real drop occurs, there must be a market rally to liquidate those who entered short positions early. Only then can the market start to move. This is the reason behind this counter-trend rebound. In my view, the interest rate cut in December this year is basically off the table, so the crypto market will inevitably face a significant drop by the end of the year. Therefore, everyone should prepare early, but wait for the right position. This is my reflection on this market wave, and I hope it helps everyone!

Now, let’s take a look at the specific movements of Bitcoin. As usual, let’s first open the daily chart to see the overall direction. Currently, the daily chart has shown two consecutive bullish candles, both of which are solid. However, today the market is showing clear signs of a downturn. Reflecting on my previous thoughts about the market, this bullish trend may be coming to an end. Therefore, I do not recommend entering long positions at these seemingly attractive levels of 62300 and 61700 unless we reach a level like 60200, where a stop-loss of 200-300 points can be used to attempt a position with a potential profit of over 2000 points. Next, we will look for short entry positions on the hourly chart. By drawing naked candlestick lines, we can attempt to enter short around 63200 for the first time, with a stop-loss of 200 points. If the stop-loss is hit at 64300, we can enter short again. Although my short positions on Friday incurred losses, I still maintain a bearish outlook; this is my thought process. If there are friends who are stuck in positions, feel free to reach out to the Coin Victory Group, and I will help you resolve your issues.

Now, let’s take a look at the Ethereum market. First, let’s check the daily chart for Ethereum. The daily chart has shown three consecutive bullish candles, and today it is currently closing bearish. However, the overall decline is relatively weaker compared to Bitcoin, indicating that Ethereum has entered a relatively stable period, and the profit range for trades should not be too large. Similarly, I do not recommend aggressively entering long positions at seemingly attractive levels like 2420 and 2380, as these levels are quite fragile. We can look for entry positions on the hourly chart. First, the level of 2480 is still a viable point to enter a long position, with a stop-loss of 20 points, targeting a reduction at 2420. If the stop-loss is hit, we can re-enter around 2535. Additionally, we can attempt to enter long for the first time near 2350, with a stop-loss of 25 points. Since the market volatility at the beginning of this month has been relatively large, we will conduct live broadcasts of the market from Monday to Friday at 8:30 PM. Those in need can find the Coin Victory Group online, and I will send you the link to the live broadcast.

This article is independently written by the Coin Victory Group. Friends in need of current price strategies and solutions can find the Coin Victory Group online. Recently, the market has been primarily characterized by fluctuations, accompanied by intermittent spikes. Therefore, when trading, please remember to manage your take-profit and stop-loss levels carefully. In the future, when facing significant market data, the Coin Victory Group will also organize live broadcasts across the internet. Those interested in watching can find the Coin Victory Group online and contact me for the link.

Mainly focused on spot and contract trading for BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, specializing in strategies around high and low support and resistance for short-term swings, medium to long-term trend trades, daily extreme pullbacks, weekly K-top predictions, and monthly head predictions.

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