Morning Review: Bitcoin continues to break new highs, and market sentiment has been ignited. We cannot predict the peak, so do not go against the trend to short!
Review: In yesterday's content, the Shepherd mentioned that Bitcoin returned above 77000 points and should not go short. In previous content, I provided a key level of 77500. As long as it breaks above, we can engage in right-side trading! So, over the past few days, we have been leading everyone to continuously go long. Since we engaged at 60000 points until now, we have only implemented profit-taking strategies at several key levels and have not made any short plans! The Shepherd has always emphasized that everyone should focus on going long at low prices!
The current situation of Bitcoin is that it keeps breaking new highs, and the market's FOMO sentiment will be further ignited, maintaining an extremely greedy state. Once the overall market sentiment is mobilized, the upward space is unpredictable! This market is a bubble market; we should not try to predict its top. As long as the sentiment is maintained, Bitcoin will continue to rise! If you currently have no position, it is better to wait for a dip to buy low rather than going against the trend!
If you cannot accurately grasp the market dynamics, you can also find the Shepherd to make a clear and pleasant plan! Of course, when market sentiment reaches its peak, remember to make phased exits. We have a rolling operation that must pay attention to the distance between market prices and opening prices to prevent the exchange from pulling the lever and clearing out leveraged positions during extreme greed, which could lead to all profits being wiped out!
Since the rise is limitless, we can use Fibonacci retracement levels to look at short-term resistance levels. The short-term resistance above is at 1.27 (around 83500), and if we stabilize at this position, we will see 1.41 (91052). Of course, we cannot completely rely on graphic indicators to make plans and decisions; we also need to combine data and market sentiment to develop corresponding strategies!
From a macro perspective, I previously mentioned that Bitcoin must continue to break new highs in the short term to continue rising. The Shepherd believes that as long as Bitcoin continues to rise before Trump officially takes office as president, that is, before January 25, 2025, the overall market will not experience a very deep correction. The second scenario is a direct onset of a crazy bull market!
In terms of altcoins: Many people have been asking the Shepherd these days if they can still enter DOGE! It is puzzling that I have mentioned DOGE multiple times and provided data on Musk's buy-in at 60 million dollars. The price was at 0.1 when we entered, and it has doubled since then. Why do people not enter during low prices and instead ask if they can enter at extremely high prices?
Those who still have such thoughts and actions should carefully review themselves!
Continue to hold WLD, YGG, JTO, and ARKM!
Rebalancing can be done in phases!
Today's Bitcoin: The weekly K-line for Bitcoin has closed, and it rose strongly last week, but the trading volume did not expand. Be cautious of phased profit-taking to prevent a pullback due to a top divergence!
