Master Discusses Hot Topics:

I wonder if everyone has felt a strong bullish atmosphere while trading recently. Everyone is optimistic about Bitcoin entering a bull market, but in actual trading, it seems difficult to find a good entry point for long positions. Are you like most retail investors, eagerly awaiting the bull market to arrive soon?

In the past decade, the United States has seen two presidential terms change, from Trump to Biden, which feels like a large ongoing drama. However, Bitcoin has gone through two rounds of bull and bear markets, with its ups and downs having nothing to do with who is president. If we talk about how the political landscape affects cryptocurrency prices, the U.S. elections really can't bear that burden.

Is the employment data looking good? Is it a soft landing? We might have to wait until next year to see. The current unemployment rate is decent, but it has actually slowed down the pace of interest rate cuts. After waiting and waiting, interest rates are still hovering at high levels. Whether employment is good or not, the cryptocurrency market will still drop; major banks simply don't care.

U.S. stocks hitting new highs? Do you think the cryptocurrency market should follow suit? Haha, wake up! The cryptocurrency market independently leading the decline has become the norm. When U.S. stocks rise, the cryptocurrency market hardly moves; if U.S. stocks really start to fall, the cryptocurrency market will be in trouble.

Large inflows into ETFs look impressive, but in the past few days, with so much money pouring in, Bitcoin has only bounced a few times. What does this indicate? It indicates that large funds are exiting! Grayscale funds have even recorded losses in the past; does BlackRock have it all figured out? This logic doesn't hold up, friends!

Weekly MACD golden cross? What does that mean? After a golden cross, it can still dead cross again; it looks good on the chart but has little practical effect. Don't expect these flashy technical indicators to take you to the moon.

Some say, "Last time the halving led to a big rise in Bitcoin, so it should be similar this time." Please, the factors affecting cryptocurrency prices are no longer just about halving; the key is monetary policy. Interest rates are being raised, and it's a sweaty endeavor; interest rates are being lowered cautiously. This round of policy has lasted longer than the last, and the adjustment period for cryptocurrency prices has also been extended.

Don't forget, the real driving force in the cryptocurrency market is liquidity. The Federal Reserve's balance sheet reduction is still ongoing, the dollar is rebounding strongly, and interest rates are still high, with quantitative easing still a long way off.

In summary, the current monetary policy is tight, liquidity is insufficient, and cryptocurrency prices are at high levels, so Master really can't find any reason for Bitcoin to reach new highs and enter a bull market!

Master Looks at Trends:

Bitcoin has dropped by 2%, and many people might be feeling anxious! Actually, there's no need to panic; the reason is simple: everyone is taking profits!

The RSI has raised the red flag, showing a bullish divergence—it's like the market is secretly telling you, "The bottom has been touched." As long as it doesn't drop below 66.8K, we can still look for a small rebound in the short term.

Resistance Levels Reference:

First Resistance Level: 67700

Second Resistance Level: 68300

If we break through 67700 today, we can continue to expect a rebound, but don't be too optimistic. After all, the trading volume during the day is as small as a drop of water, so it's best to be smart around 68K and take profits first. In any case, take the profit when it's good; don't wait for a reversal.

In simple terms, today's resistance level means to take profits when reached; don't drag it out. If we break the resistance line, we will change it to new support and gradually raise the support level, following the rhythm of the K-line.

Support Levels Reference:

First Support Level: 66800

Second Support Level: 66000

If the price drops below 66800, it signals the market: "Hey, it's going to cool off in the short term."

If we break below 66800, we will reserve a downward space to 66K and then look at the trading volume. If the volume shrinks, buying at lower levels might still be a good opportunity.

Today's Trading Advice:

Yesterday's sharp drop with a long lower shadow is precisely the opportunity to catch a technical rebound, right? So in the short term, we can maintain a wait-and-see attitude for a rebound.

However, if the market rebound is weak and fails to reach new highs, we need to be cautious; it may need to probe for new lows. So remember to observe the K-line patterns at the support levels and enter cautiously!

10.22 Master’s Wave Trading Orders:

Long Entry Reference: 66800 light position long, stop loss at 66500, target 67700-68300

Short Entry Reference: Second drop below 66500, rebound to 67000 short, stop loss at 67500, target 65000-64800

This article is exclusively planned and published by Master Chen (public account: Coin God Master Chen). Master Chen is 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 K-line knowledge, 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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