Do not worry about the road ahead without friends; on the investment path, there are like-minded individuals. 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/BV1RayHYiErS/
In the past two to three days, I had some personal issues to deal with, which caused delays in updating articles and videos. Today, I have resolved those issues and am here to update my fellow coin enthusiasts with an analysis of the current market situation. Currently, the market is worth paying attention to in the second week of October this year. As the U.S. elections approach, hedge funds and asset management companies have significantly reduced their short positions on the dollar, cutting about $8 billion. This is the largest adjustment of net short positions on the dollar since the peak of the pandemic in 2021. This indicates that speculative traders have ultimately chosen to be bullish on the dollar rather than bearish. At the same time, Dallas Federal Reserve President Logan stated that "all banks" should develop plans to address liquidity shortages and be prepared to use the Federal Reserve's discount window liquidity tools when necessary. This statement undoubtedly casts a shadow over the prospects of interest rate cuts in December. Experienced coin enthusiasts know that the cryptocurrency market and the dollar have an inverse relationship, and the crypto market is likely to be pressured and pull back as a result.
Now, let’s take a look at Bitcoin's specific movements. From the daily chart, Bitcoin surged to 69,500 yesterday morning but faced downward pressure, forming a bearish engulfing candle on the daily level. The market shows signs of forming a rounded top; once this rounded top is completed, a deep pullback is expected. I have always held the view that Bitcoin may move inversely to the dollar in the short term, but in the long cycle, it still follows the rules, and a deep pullback is inevitable. Therefore, I remind friends with high-position short positions to hold steady, and those who are stuck in low-position shorts need not worry too much; just optimize your positions and hold on. The opportunity to break even is coming soon. If you need help with breaking even, come to me; I’ve got you covered. For today’s short-term trading strategy, I suggest:
Bearish Strategy: If the price reaches around 67,800, you can enter a short position directly. If it breaks below 66,500, you can continue to short with a target of 65,200.
Bullish Strategy: If it drops to around 66,500, you can enter a long position with half of your normal position size, with a stop loss of 200 points. The second entry position at 65,200 can also be a long, with a stop loss of 300 points.
This is the strategy for Bitcoin today. If you have any stuck 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 Ethereum's market. First, let’s check the daily chart. Currently, from the naked candlestick chart, the upper level of 2,780 has already tested the peak three times in a large cycle, indicating that the resistance at this position is currently strong and effective. We can see that each time it faces pressure, there is a pullback of over 500 points. This wave is also worth looking forward to, as yesterday it formed a solid bearish candlestick, indicating that a short-term bearish trend has already formed. Regarding entry positions, I suggest:
Bearish: If it reaches around 2,665, you can enter a short position with a stop loss of 30 points and a target of 100 points for reducing your position.
Bullish: If it drops to around 2,575, you can enter a long position for the first time with half of your normal position size, with a stop loss of 15 points. The second entry position around 2,530 can be a normal entry.
Because the market at the beginning of this month has actually experienced considerable volatility, we will be live streaming the market analysis every evening from Monday to Friday at 8:30 PM. If anyone needs it, you can find the Coin Victory Group online, and I will send you the link to the live stream.
This article is independently written by the Coin Victory Group. If you need current price strategies and solutions for stuck positions, you can find the Coin Victory Group online. Recently, the market has been mainly characterized by fluctuations, accompanied by intermittent spikes. Therefore, when trading, please remember to control your take profit and stop loss. In the future, when facing significant market data, the Coin Victory Group will also organize live streams across the internet. If you want to watch, you 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 such as mobile locking positions around high and low support and resistance for short-term fluctuations, medium to long-term trend trades, daily extreme pullbacks, weekly top predictions, and monthly head predictions.
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