$BTC has not yet broken through the previous high (yellow zone). Significant market movement might occur at 8:30 PM Beijing time (early trading session on Wall Street). If it fails to break through the yellow zone, we need to watch the blue zone below. If the price reaches the vicinity of the blue zone, we might consider going long at that position.
$BTC might have entered the AMD pattern I mentioned earlier!
The AMD pattern is divided into three parts:
1. A: Accumulation 2. M: Manipulation 3. D: Distribution
Currently, the first part, the blue box (A), has formed! Next, we need to observe whether the manipulation phase, the red box (M), will form.
$BTC needs to break below the white circle shown on my candlestick chart (around 63000) or lower. After breaking down, it must quickly rebound above the previous low.
If these conditions are met, it might be the time to consider opening a long position! Suitable for long-term layout!
Tonight (Beijing time), there are three important news events that will impact the market, especially the cryptocurrency market:
1. 8:30 AM (US) CPI YoY 2. 2:00 PM (US) Federal Reserve Interest Rate Decision 3. 2:30 PM (US) Federal Reserve Chair Press Conference
These three news events are expected to have a significant impact on the market, with an overall bearish outlook.
$ETH Price Analysis
The current chart shows that $ETH is beginning to rebound. However, we observe a substantial gap below on the chart, presenting a potential shorting opportunity.
Trading Recommendation
- Entry Price: Consider shorting around $3600 - Stop Loss: Set at $3700 - Take Profit Targets: Targeting between $3500 and $3400 (a safer range)
Based on the above analysis, proceed with caution and closely monitor market dynamics and news releases.
$BTC might be forming a large-scale AMD pattern and is currently in a short-term pullback phase.
Forecast: 1. Bitcoin's price may first break below the previous low and fill the previous gap (refer to the white circle area in the horizontal chart). 2. After that, the price needs to rebound quickly. At this point, you can go long around $63,000, expecting a return to the upward trend.
Currently, the short-term bearish trend will continue. Patience is required until the price reaches around $69,000 (refer to the white circle area in the vertical chart) for a short-term short position.
Overall Strategy: Be patient in the short term while the bearish trend continues, waiting for the price to reach an appropriate position for a long position, expecting the price to return to an upward trend.
Today's $BTC movement was quite dramatic. I have decisively exited all my previous long positions. Unfortunately, those who followed my trades a bit late experienced some losses, but all positions have now been closed. Regardless of how the market changes, we will continue to trade with determination. Currently, $BTC has broken below a key trendline. I am waiting for a rebound to around 69,000 to prepare for a short position. The stop-loss is set at 70,000, and the take-profit target is between 68,000 and 67,000.
BlackRock, the world's largest asset management company, currently manages approximately $10 trillion in assets. In addition, BlackRock is also the largest Bitcoin ETF management company globally, holding 300,000 BTC. Reportedly, BlackRock has applied to the U.S. Securities and Exchange Commission (SEC) for a ($SOL ) Solana ETF. These moves indicate that BlackRock is deepening its involvement in the cryptocurrency and blockchain technology fields, demonstrating its confidence and ambition for future market development.
Currently, large institutions hold Bitcoin ($BTC ) at an average price of around $66,000 to $68,000. Even if there is significant retail selling pressure causing $BTC to drop below $68,000, the market and large institutions are confident that the price will quickly rebound to above $68,000, or even higher.
Following a false breakout and a rapid decline in $BTC , which seems to be aiming to fill the lower price gap, we recommend maintaining the following trading strategy:
- Entry Range: 69600-70000 - Stop Loss: 69000
Please proceed with caution based on market movements and ensure proper risk management.
These two patterns have clearly indicated the future direction of $BTC . We kindly ask all copy traders and traders to be patient. $BTC has been consolidating for two months. Typically, the market experiences a sudden surge when sentiment shifts from the anticipation of breaking new highs to losing hope. Please remain patient.
The upcoming U.S. interest rate meeting next Thursday could significantly impact the cryptocurrency market. A single statement from the Federal Reserve could trigger substantial market volatility. The main concern is whether the Fed will adopt a dovish tone, which might lead to a market downturn. Therefore, it's advisable to avoid frequent trading before the announcement and patiently wait for a better opportunity to enter the market.
$BTC Technical Analysis: If $BTC retraces to the 69600-70000 range, you can go LONG. Set a stop loss at 69000. Short-term traders can take profit around 72000-73500.
If there is no retracement and $BTC strongly breaks through 72000, wait for a retracement before going LONG.
$BTC has a price gap that needs to be filled. The price is around 69600 to 70000. That’s why I posted yesterday, once BTC retrace to around this price area. You can LONG at $BTC !
BTC still very strong! Be patient guys, just waiting it retrace around 69600-70000. You can LONG around this area, and if you’re short term trader, you can try take profit around 71000 or 72000. But if you’re long term trader just leave the order there.