Master Discusses Hot Topics:

The average price of Bitcoin spot ETF for the entire year of 2024 is set at 57K, resembling an old photo that never wrinkles, becoming the "lifeline" in the bull market. Except for a few unexpected events, Bitcoin's price has been like an idol striving to maintain its image, basically staying above this line.

However, on August 5, as soon as the arbitrage trading in Japan ended, our Bitcoin experienced a dramatic drop; by September 6, there was another sharp adjustment with the message, "Don't worry, I'll drop again."

The good news is that the long-awaited "big crash" did not occur, seemingly proving that these investors' mindset is as stable as Mount Tai.

As for the 57K, it has become the "spiritual pillar" for spot ETF investors. If Bitcoin accidentally slips below this line one day, those who entered at high positions may not be able to resist hitting the stop-loss button and cutting their losses.

But based on past performance, these investors are mentally strong; several sharp drops have not scared them away, indicating that this support line is quite stable.

The successful establishment of the spot ETF can be seen as a "reassurance" for everyone. It brings "transparency" and "compliance" to the market, attracting more "regular troops" to enter, especially institutional investors. It's like a grand party that finally has VIP access, making everyone feel that this event is becoming more promising.

In short, the 57K support line for Bitcoin spot ETF is like a "moat," keeping the price strong amidst the storms. As long as everyone's positions remain stable, the big ship of the bull market won't easily sink.

Master Looks at Trends:

Bitcoin is stable at 67K, and the current momentum is saying, "I'm doing fine, don't rush to get off." The likelihood of Trump's election seems to be rising, and Bitcoin is following suit, as if these two have been a bit "flirtatious" lately. Anyway, the Trump market is real, and we retail investors can just be spectators.

Currently, Bitcoin is swaying at a high level, but to climb higher in the short term, it needs to break through 67.7K; otherwise, don't expect to continue sailing.

Resistance Level Reference:

First Resistance Level: 67700

Second Resistance Level: 68100

Once the first resistance level is broken, the 20-day moving average will be trampled underfoot, and we may see a larger increase afterward. In simple terms, only by breaking through can there be a follow-up; otherwise, it's just treading water, and being anxious won't help.

However, if a bullish candle that engulfs the previous bearish candle doesn't appear, then prepare for a small pullback. When that happens, those looking to buy the dip can operate near the support level, as the market always gives you opportunities; it just depends on whether you dare to take them.

Support Level Reference:

First Support Level: 67300

Second Support Level: 66900

The first support level is a short-term "lifeline" that must be maintained! If it adjusts to the first support level, 66K may be in danger. At that time, keep a close eye on the 60-day moving average and consider entry opportunities.

Today's Trading Suggestions:

Although the short-term trend is bullish, it's still important to patiently wait for a pullback to a suitable position before entering. Don't rush; you might be pleasantly surprised the longer you wait.

Recently, Bitcoin's temperament has been quite interesting, with little movement during the day but bouncing around like a rabbit at night. It's best to operate conservatively now and wait to see if there will be any big moves in the evening.

Yesterday, a short position was taken at a high level, and by 7 PM, the market peaked at 68400. It also reached the entry point for short positions, and then Bitcoin surged and fell back to around 67000, allowing for timely exit.

10.17 Master’s Short-term Orders:

Long Entry Reference: 66900 light position long, add position at 66500, stop loss 300 points, target 67300-67700

Short Entry Reference: 68100 light position short, add position at 68500, stop loss 400 points, target 67700-67300

This article is exclusively planned and published by Master Chen (WeChat public account: 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, hoping to help you find what you want in the crypto world. Focused on BTC, ETH, and altcoin spot contracts for many years, there is 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 medium to long-term price prediction videos.

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