Hot topics of Master Chat:
Yesterday, Grayscale released a research report, which included an analysis of the current market. Grayscale analyzed that the current market selling pressure mainly comes from five aspects, namely, the Mentougou compensation, the German government's selling, the US government's selling, the continuous outflow of Bitcoin spot ETFs, and the reduction of Bitcoin miners.
Grayscale believes that the current bull market fundamentals have not changed. Once the selling pressure in these areas disappears, the market will soon resume its bull market trend.
Personally, I believe that the market does not need to wait until the sell-off ends. As long as the sell-off begins, the market will naturally digest this part of the selling.
Prices will adjust very quickly. Combined with the Federal Reserve's interest rate cut starting in September, the market is expected to enter a bull market in the fourth quarter.
Master looks at the trend:
BTC 4 hours:
Bitcoin failed to hold its previous high after the rebound and has now fallen below 61k.
If the current 4-hour level falls below the lower track of the ascending channel, a bear flag pattern may be formed, so we need to pay attention to the risk of further decline.
The downward trend can still be maintained during the day, and if the current price can be maintained, the expectation of a short-term rebound can be maintained.
Resistance level reference:
First resistance level: 61950
Second resistance level: 62600
If Bitcoin breaks through the psychological resistance zone of 61K and stabilizes, it can attempt a retest of 62K.
Even if there is a rebound, I think we should not expect a sustained rebound. Instead, we should take a bearish view again in the above resistance range, and mainly short sell after the rebound.
Support level reference:
First support level: 60700
Second support level: 60000
The current point of 60.6~7k is considered to be a good risk-return area, and a short-term rebound can be expected, but a strict stop loss needs to be set. If it falls below, a sharp decline may occur, so a stop loss must be set, and the maximum downward target is 60k, and it is also necessary to respond to transactions flexibly.
Today's trading suggestions:
Today's trading strategy is to try for a short-term rebound after a sharp drop, and after a full rebound, pay attention to the resistance range and adopt a short-selling strategy again.
Also watch out for the formation of a bear flag pattern and trade based on that.
Please refer to these suggestions when trading
7.3 Master's short-term pre-buried orders:
Long entry reference: 60200-60600 range long in batches, defense 500 points, target 61950-62600
Reference for short entry: short in batches between 62600-63000, defense 500 points, target 62000-61000
