Yuelin: Long-term view for next week! Major events coming!
The market remained stable over the weekend, with Bitcoin maintaining its range fluctuations. For operations, it is not recommended to chase the rise; it is better to wait for a pullback before entering.
Recently, Bitcoin has shown an unusually strong contesting trend. First, it surged quickly, then it dropped sharply, rose again, and then steadily declined, showing a fluctuating trend. If you want to profit in the bullish space, you need to accurately grasp the timing and act decisively. Looking back at last Monday, there was a significant drop, followed by a rise above 100,000, oscillating. Many friends have not performed well at this position recently, always struggling to find an ideal entry point. The risk of chasing highs is quite large because if the market can rise strongly, it will inevitably have a significant pullback. The increased market volatility reflects the fierce contest between bulls and bears.
Although last week’s bullish outlook was correct, the market didn’t cooperate very well, first dropping 6,000 points to wash out the bulls and then strongly rising back above 100,000! Therefore, for next week’s operations, it’s best to first observe a small pullback before entering long positions, as the technical pressure remains, and the momentum for rising is weakening, expecting a round of pullback, focusing on the 98,000-97,000 area.
Therefore, if Bitcoin rebounds to the 102,500-103,000 area, a small stop-loss short position can be established, taking profits in batches below 100,000, targeting 99,500-98,500-97,500.
In terms of swing trading, it is necessary to rely on the overall trend and fundamental logic; short-term and swing trading are two different concepts. Each investor must accurately position their own level of ability, be aware of their own capabilities, in order to navigate smoothly.
Yuelin believes that 98,500-97,500 is a better area for medium to long-term bullish entry. The upward trend of Bitcoin remains unchanged; however, the market is still in a large-scale, multi-cycle fluctuation, so a pullback over the weekend is not ruled out. It is not advisable to enter directly with a bullish position; it is better to wait for a pullback to confirm support before taking action.
Yuelin's long-term non-frantic operation suggestions:
BTC: Long at 98,500-97,500, target 103,000-105,000-110,000
ETH: Long at 3,800-3,760, target 4,000-4,200-4,500
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