Hot topics of Master Chat:
The average price of Bitcoin spot ETF in 2024 is set at 57K, like an old photo that never wrinkles, becoming the "lifeline" in the bull market. Except for a few accidents, the price of Bitcoin is like an idol trying hard to maintain its image, and it basically stays above this line.
However, on August 5, as soon as the arbitrage transaction in Japan ended, our Bitcoin immediately experienced a gorgeous decline; on September 6, there was another sharp adjustment of "Don't worry, I will fall again".
The good news is that the long-awaited "big crash" did not occur, which seems to prove that the mentality of these investors is as stable as Mount Tai.
As for this 57K, it has become the "spiritual pillar" of spot ETF investors. If Bitcoin accidentally slides below this line one day, those friends who entered the market at a high position may not be able to help but press the stop loss button and cut their positions in tears.
But based on past performance, these investors are mentally strong and have not been scared away by several sharp drops. It seems that this support line is still quite stable.
The success of spot ETFs is a reassurance to everyone because it brings transparency and compliance to the market, attracting more regular investors, especially institutional investors. It's like a grand party that finally has VIPs, and everyone feels that the game is getting more and more promising.
In short, the 57K support line of the Bitcoin spot ETF is like a "moat", which keeps the price strong in the storm. As long as everyone's positions are stable, the bull market will not sink easily.
Master looks at the trend:
Bitcoin is stable at 67K, and the current momentum is saying: "I'm still OK, don't rush to get off the train." As the possibility of Trump's election increases, Bitcoin will emerge. It seems that the two are a little "ambiguous" recently. Anyway, Trump's market is real, and we retail investors are just spectators.
Bitcoin is currently hovering at a high level, but if it wants to go higher in the short term, it has to break through 67.7K, otherwise it will be hard to continue.
Resistance level reference:
First resistance level: 67700
Second resistance level: 68100
Once the first resistance level is broken, the 20-day moving average will be stepped on, and we may see a bigger rise in the future. To put it bluntly, only if it breaks through can there be a follow-up, otherwise it will be stagnant and there is no point in being anxious.
But if there is no positive line that swallows up the previous negative line, then be prepared for a small correction. When the adjustment comes, those who want to buy the bottom can make an operation near the support level. After all, the market will always give you a chance, it just depends on whether you dare.
Support level reference:
First support level: 67300
Second support level: 66900
The first support level is the short-term "life and death line" and must be held! If it adjusts to the first support level, 66K may be dangerous. At that time, you can keep an eye on the 60-day moving average and consider the opportunity to enter the market.
Today's trading suggestions:
Although the short-term trend is bullish, you still need to wait patiently for the callback to the appropriate position before getting in. Don't be anxious, the more you wait, the more surprises you may get.
Bitcoin has been acting very interesting lately. It is quiet during the day but moves like a rabbit at night. Be conservative now and wait until night to see if there will be any big moves.
Yesterday, I shorted at a high level, and the market rose to 68400 at 7 pm. At the same time, it was near the entry point of short orders. Then Bitcoin rose and fell to around 67000, and I was out in time.
10.17 Master's short-term pre-buried order:
Long entry reference: 66900 light long position, cover position 66500, defense 300 points, target 67300-67700
Reference for short entry: 68100 light short position, cover position 68500, defense 400 points, target 67700-67300
