Master Discusses Hot Topics:

Although Bitcoin has been soaring like a rocket in the past few days, the Master believes that the mid to long-term bottom has not yet been reached. Don't think that a bull market has suddenly begun just because of the recent price surge; the Master feels this is merely an illusion of "Little one, do you desire power?"

Speaking of the mid-term, the Master believes the market will definitely take a look at 58K. After all, whether it drops or not is one thing, but it should at least give an explanation for probing the bottom.

That said, the current market environment has indeed given Bitcoin a shot in the arm. Once the U.S. election results are in, political uncertainty will wave goodbye, and the weight on everyone's mind will finally lift.

Moreover, with the Federal Reserve starting to cut interest rates, there’s more money in circulation, and the market is more relaxed. Naturally, some dare to invest "real money" into high-risk assets like Bitcoin. Additionally, in China, the "flooding" of liquidity is akin to a deluge, with global funds pouring in, bringing a new wave of "primal power" to Bitcoin.

Not only that, but the U.S. TGA account suddenly released 800 billion USD, which sounds like an astronomical figure. It's no wonder the market is surging like it's on steroids.

As for Bitcoin, the fourth quarter has always been its stronghold, performing so well that one might suspect it’s handing out year-end bonuses! Historically, in several cycles, Bitcoin has a habit of "breaking the previous bull market high" by the end of the third year, and in the next two months, 69K might really be "overturned."

However, the U.S. stock market is currently "teetering on the edge" at high levels, and it will take time for funds to digest; its ability to attract capital won't catch up immediately. As for the Hong Kong and A-shares, they have just repaired their valuations and won't attract too much capital in the short term. This means that the money with nowhere to go might just flow into the crypto market.

In summary, this time Bitcoin might truly be on the eve of a big market movement, but to soar, it will depend on the key support and breakout opportunities in the next two months. However, don’t celebrate too early; if 58K doesn’t probe the bottom, everyone will still have a "knot" in their hearts and won't dare to fly freely!

Master Looks at Trends:

Bitcoin surged to 68K yesterday, but before it could even warm up, the Nasdaq took a tumble, dragging Bitcoin down with it. That said, after the drop, it miraculously climbed back up.

This round of correction is not simple; it’s like a mischievous child on a seesaw, going up and down, up and down—it's exhausting. Since there’s been a rebound, we can continue to maintain a bullish outlook, estimating that 68K will see another "knock on the door" test.

However, once a new high is reached, you must be wary of those "little black hands"—they are always ready to offload their chips! Expecting Bitcoin to surge like it did in 2020? Don’t dream; the price is high now, and if the main players don’t push the price down a bit, they won’t even want to buy a ticket!

Just watch, the chart will fluctuate up and down to confuse you, but they are just waiting for the right moment to act.

Regardless of which direction Bitcoin jumps, you must be cautious when the market is overheated; don’t get caught off guard by a reverse trend!

Resistance Level Reference:

First Resistance Level: 67700

Second Resistance Level: 68300

The high point after yesterday's surge can serve as the current short-term resistance line. If it breaks through smoothly, everyone can sit tight; the 68K test might be on its way again.

Since we are still bullish in the short term, we should watch the trading volume when the resistance level is broken. If the volume increases, then get ready for the show, especially during the first resistance line test.

Support Level Reference:

First Support Level: 66800

Second Support Level: 66100

If Bitcoin wants to continue this short-term upward trend, then the 66.8K support level is like a bridge pier that must be firmly held. This position can also serve as your reference point for the first entry.

Even if the first support line is not held, don’t rush to shout "it's over"; check the 20-day moving average on the hourly chart. As long as it doesn’t break below the 20-day moving average, the rebound can still play out!

Smart people know that buying in batches is safer. However, if the 20-day moving average is also broken, it might be time to turn bearish.

Today's Trading Suggestions:

Since buying pressure is like a tiger descending the mountain, let’s maintain a bullish view on the rebound and look for opportunities to enter during the pullback. The short-term trend is not bearish; with such strong buying pressure, as long as the support level holds, we can expect Bitcoin to continue rebounding. Wait for a good price to enter; patience is key!

10.16 Master’s Short-term Pending Orders:

Long Entry Reference: 66100 light long, add position at 65500, stop loss 300 points, target 66800-67700

Short Entry Reference: 67700 light short, add position at 68300, stop loss 300 points, target 66800-66100

This article is exclusively planned and published by Master Chen (WeChat: Coin God Master Chen). For more real-time investment strategies, solutions, spot contract trading techniques, operational skills, and knowledge about candlesticks, you can add Master Chen for learning and communication. I hope it helps you find what you want in the crypto world. Focused on BTC, ETH, and altcoin spot contracts for many years, there’s no 100% method, only 100% following the trend; daily updates on macro analysis articles, mainstream coins, and altcoin technical indicator analysis, as well as spot mid to long-term price prediction videos.

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