Over the past week, Bitcoin has experienced dramatic price fluctuations. Here is a detailed summary:
Strong rise at the beginning of the week:
The price of Bitcoin quickly climbed to $63,800, and the bulls were strong.
According to the strategy, we successfully seized the bullish opportunity.
Sudden bad news:
Various negative news continued to emerge, which hit market confidence and caused the price of Bitcoin to fall sharply.
After falling below the support level, we adjusted our strategy in time, followed the trend for short selling, and achieved significant gains.
Preliminary statistics show that participants made an average profit of 8,000-12,000 points.
A brief recovery in market confidence:
Bitcoin ETF inflows have brought some market confidence, but the overall market remains volatile.
Factors such as the Mt. Gox compensation plan, the government's sale of Bitcoin, and the mining profitability crisis continue to put pressure on the market.
Medium and long-term market analysis:
Current market conditions:
Negative factors:
The Mt.Gox compensation plan could trigger market panic and increase selling pressure.
Government selling behavior: Many governments around the world hold large amounts of Bitcoin and may sell them at any time, increasing market uncertainty.
Mining profitability crisis: The decline in Bitcoin prices has led to a decline in miners’ profitability, which could trigger more selling.
Macroeconomic environment:
The Federal Reserve’s interest rate decisions have a direct impact on the attractiveness of high-risk investments, and the current interest rate environment is unfavorable to the Bitcoin market.
Mid- to long-term strategies:
Key price areas:
$60,000-62,000 area: key resistance area. If the price rebounds to this range and fails to stabilize, you can consider shorting.
$48,000-50,000 area: Focus on the support area, which is an important low support level.
Ethereum $3200-3300 area: a key resistance area, you can consider shorting when there is no sign of continuation of the rebound.
Ethereum around $2,800: focus on new low support level.
Short-term operation suggestions:
Bitcoin:
You can consider shorting when it rebounds to $58,500-59,000.
Stop operations when the price falls back to $56,600-57,000 and wait and see the market.
Ethereum:
If it rebounds to $3080-3130, you can consider shorting.
Stop operations when the price falls back to $2930-2950 and wait and see the market.
Summarize:
In the coming period, we need to pay close attention to macroeconomic dynamics and potential negative factors in the market, especially the Mt.Gox compensation plan and the government's Bitcoin holding and selling behavior. These factors may lead to new market fluctuations.
At the same time, we should maintain flexible operation strategies and adjust positions in time to prevent heavy losses in the mid- to long-term layout. In the mid- to long-term layout, we should pay attention to key price areas and strictly implement stop-profit and stop-loss strategies to ensure stable operation in an uncertain market environment.
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