Hot topics of Master Chat:
Although Bitcoin has been rising like a rocket in recent days, I think the mid- to long-term bottom has not yet been reached. Don’t think that the bull market has started just because of the sudden increase in the past few days. I think this is just an illusion of “Little boy, do you want power?”
Speaking of the mid-term, I believe the market must go to 58K to take a look. After all, whether it falls or not is one thing, and you have to give an explanation when you find the bottom.
But having said that, the current market environment has indeed given Bitcoin a shot in the arm. Once the US election is concluded and political uncertainty is waved goodbye, everyone's heart has finally fallen to the ground.
In addition, the Federal Reserve began to cut interest rates, there was more money, and the market was loose, so of course some people dared to invest "real money" in high-risk assets such as Bitcoin. In China, "flooding" was like a flood, and global funds were pouring in, bringing a new wave of "primeval power" to Bitcoin.
Not only that, the US TGA account released 800 billion US dollars at once, which sounds like an astronomical figure. No wonder the market is soaring like chicken blood.
As for Bitcoin, the fourth quarter has always been its home turf, and its performance is so good that people wonder if it is giving out bonuses at the end of the year! In several cycles in history, at the end of the third year, Bitcoin always has a habit of "breaking through the high point of the previous bull market". In the next two months, 69K may really be "overturned".
However, the US stock market is now "shaky" at a high level, and it takes time for funds to digest, and the ability to attract money cannot catch up in a short time. As for Hong Kong A-shares, the valuation has just been repaired, and it will not attract too much funds in the short term. In this way, the money that has nowhere to go still has a chance to flow into the crypto market?
In summary, Bitcoin may really be the eve of a big market this time, but if it wants to soar to the sky, it still depends on the key support and breakthrough opportunities in the next two months. However, don’t be too happy too soon. If 58K doesn’t find the bottom, everyone will still have a "knot" in their hearts and dare not let go and fly!
Master looks at the trend:
Bitcoin surged to 68K yesterday, but before it could even warm up, the Nasdaq plummeted, taking Bitcoin with it and throwing up all the gains. But then again, after throwing up, it miraculously climbed up again.
This pullback is not simple, it is just like a naughty child playing on a seesaw, falling and rising, rising and falling, it is really tiring. Since it has rebounded, we can continue to be bullish, and it is estimated that 68K will have another "knock on the door" test.
But once a new high is reached, you have to be on guard against those "black hands" - they are ready to throw away the chips in their hands at any time! Expecting Bitcoin to surge like the bull market in 2020? Don't dream, the price is high now, and if the main force doesn't push the price down, they won't even want to buy tickets!
You see, the chart fluctuates up and down, but they are just waiting for the opportunity to act.
No matter which direction Bitcoin jumps in, you must pay attention if the market is overheated, so as not to be caught off guard by the reverse market!
Resistance level reference:
First resistance level: 67700
Second resistance level: 68300
The high point after yesterday's impact can be used as the current short-term resistance line. If it is successfully broken through, everyone can sit tight. The 68K test may come again.
Since we are still bullish in the short term, we can watch the volume when the resistance level is broken. If the volume increases, we will wait and see, especially the first test of the resistance line.
Support level reference:
First support level: 66800
Second support level: 66100
If Bitcoin wants to continue this short-term rally, the 66.8K support level is like a bridge pier and must be firmly held. This position can also be used as a reference point for your first entry.
Even if the first support line is not held, don't rush to say "it's over", look at the 20-day moving average on the 1-hour chart. As long as it does not fall below the 20-day moving average, the rebound drama can still be played!
Smart people know that it is safer to buy in batches. But then again, if the 20-day moving average is also broken, it may turn bearish.
Today's trading suggestions:
Since the buying is like a tiger coming down the mountain, let's keep the rebound view and look for opportunities to enter the market during the correction to make some money. Now it is not a short-term bearish trend. The buying is so strong. If we hold the support level, we will wait for Bitcoin to continue to rebound. Wait for a good price before entering the market. Patience is the king!
10.16 Master's short-term pre-buried order:
Long entry reference: 66100 light long position, cover position 65500, defense 300 points, target 66800-67700
Reference for short entry: 67700 light short position, cover position 68300, defense 300 points, target 66800-66100
