Master's Discussion on Hot Topics:
Today is Monday, let's briefly analyze the current Bitcoin pattern and its subsequent trends:
The Bottom Formation of the Past Four Major Market Movements: Since 2020, Bitcoin has experienced four major market movements (from November 2020 to April 2021, July 2021 to November 2021, January 2023 to April 2023, and October 2023 to March 2024). These movements were often preceded by 2 to 6 months of adjustments and narrow fluctuations, forming a solid bottoming pattern. The longer the adjustment period and the longer the fluctuations, the larger the subsequent market movements tend to be.
Characteristics of the Current Trend: Since August 5, Bitcoin has shown two waves of higher highs and higher lows in a fluctuating upward trend, and has recently entered a third wave. Although this pattern is not the strongest bottoming formation, it indicates a slow accumulation of bullish momentum. This healthy upward fluctuation may suggest that the subsequent upward movement will be steady. However, the robustness of this pattern may also limit the potential gains after a breakout, with market consensus suggesting that an increase to 80,000 to 90,000 may be quite ideal.
New Observations and Thoughts: By comparing the three-year fluctuating trend of gold from 2020 to 2023, Bitcoin's trend this year may also be brewing a large cycle of box fluctuation accumulation. If this pattern breaks out again after hitting the bottom, the subsequent gains could be very rapid. Although Bitcoin's current trend is relatively slow, there is still a possibility of a medium-term correction.
Therefore, the Master has been planning to exit at the top recently. If this round of correction is well-timed, Bitcoin could yield a minimum profit of 5K-7K. From both a technical and trend perspective, the Master has mentioned many times that the current positions of the main market players cannot support Bitcoin entering a bull market directly.
So what I need to do is to exit at the top, and only after the correction is in place can I plan to buy at the bottom. Of course, considering the current trend, the Master believes this process will not be long. Many fans are already interested in this; if you want to participate, you can always reach out to the Master.
Master's Trend Analysis:
Bitcoin recently resembles a "working person slacking off," seemingly nothing is happening on the surface, but in reality, it is quietly accumulating strength. The 70K mark is like a graduation wall in the crypto world; it looks close, but it will take some effort to break through. Bitcoin is unlikely to break through all at once; it will probably need a small adjustment first, resting before making a move.
If 70K is truly broken, it would be like receiving a year-end bonus, and the subsequent upward space would be secured, making the market a bit more at ease.
Currently, the market sentiment is as excited as those waiting for their final payments; everyone is looking forward to Bitcoin rising. Therefore, I suggest everyone not to get too carried away; pay attention to technical indicators to avoid getting too happy too soon and being caught off guard.
Resistance Levels Reference:
First Resistance Level: 68800
Second Resistance Level: 69200
If Bitcoin can break through the first resistance level, then we can steadily expect a retest of 69K, and we will see if it can hold.
Currently, there are signs of being overbought, somewhat like the fatigue that comes after staying up late, so a slight adjustment is expected. Once it replenishes its energy, we should focus on whether the first resistance level can be successfully broken and held.
Support Levels Reference:
First Support Level: 68400
Second Support Level: 68000
Before this, during the rebound, Bitcoin closely followed the 20-day and 60-day moving averages, like "riding the high-speed train," so the support line must keep up with the pace and not fall behind.
In the short term, we can set 68.4K as an important short-term support; if it breaks below that, there may be more adjustments. However, for now, we can still maintain rebound expectations, so there is no need to worry too much.
Today's Trading Suggestions:
Today's market, although it slightly adjusted after breaking through the resistance level, still shows strong buying enthusiasm. Therefore, we can continue to hold a rebound view and look for a good opportunity to enter the market.
Bitcoin has been testing the highs; during the pullback, we need to see if it can hold its ground and maintain the previous high point, forming new support.
Additionally, please remember to be cautious while trading; after all, the crypto market is as unpredictable as women, and it could reverse at any moment.
10.21 Master's Wave Trading Orders:
Long Entry Reference: 68400 light position long, add position at 68000, stop loss at 67500, target 69200-69600
Short Entry Reference: Not applicable (only trade at current price)
This article is exclusively planned and published by Master Chen (public account: Coin God Master Chen), with the same name across the internet. For more real-time investment strategies, solutions, spot trading, short, medium, and long-term contract trading techniques, operational skills, and knowledge about candlesticks, you can join Master Chen for learning and communication. A free experience group for fans has been opened, along with community live broadcasts and other quality experience projects!
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