Hello everyone, I am Dashan, focusing on the analysis of mainstream cryptocurrencies and updating market insights daily. When someone is laughing in the crypto world, there will always be someone crying. I hope everyone is the former!
Currently, the overall trend remains unchanged, and there is no sign of a downward movement. This year, with the news coming from the Fed and a series of actions like interest rate cuts and hikes, and the economy fully recovering from the pandemic, I believe the prices will reach even higher levels. Let’s all wait and see together. I also wish my fans and friends can achieve their goals in the market!
Regarding Bitcoin, I believe you have all gained something over the past couple of days. The support zone around 920 has been mentioned many times, so I want to emphasize again. I often refer to 92,000, but it’s not just about that one point. You see the support and resistance levels I’ve drawn for you; they are generally areas. Many new investors may not fully understand this, so all support and resistance levels must be seen as a concept of zones. This zone could be a wide range, like 910-930; it is not a precise point. Let's look back at history; for instance, after the strong rally last year, we have already identified this support zone. Looking at the hourly chart, starting from November 27th, every time it dips to this support level, it is an opportunity for you to go long. The previous few rallies have been quite decent. After testing, it rebounded. The positions from yesterday and the day before are all short-term rebounds. Of course, we cannot rule out the possibility of a direct breakout from this position. Therefore, what I want to say is that once you identify these key positions, what you need to do is, if it’s a support level, you should go in, and if it’s a resistance level, you should stay out. There are no other choices. Once you find the key good positions, half of your trading success is secured. The other half depends on execution. If you lack that, everything is just talk. The previous part is called a trading plan; you need to plan your trades and then execute them. Looking at the current Bitcoin, if you went long around 920 or placed a limit order, you are still in profit. You can hold on a bit longer patiently, or if you think it will continue to consolidate in the short term, you can take your short-term profits and leave. But don't rush after you leave; wait for it to come down before you re-enter. Some people leave and then start making random trades, giving back their profits.
Now let's look at Bitcoin. It is still in a consolidation phase, and I have marked this position for you. After the consolidation range, looking at the daily chart, the previous 50% retracement level was tested again. I also pointed this out yesterday. You can go long at the 50% retracement level or the previous ascending channel. Some new investors may not understand how I analyze or how to draw these ranges. You can learn from me and replicate my drawings; it's perfectly fine to copy. Just remember to come back and follow me once you make a profit, and a like would also be appreciated. For new investors who see me for the first time, make sure to follow me. Spend a few minutes every day to get some direction. At the very least, I can give you some peace of mind and reassurance, so you don't make blind trades. Again, I want to emphasize that this position does not have a high possibility of a significant drop. Recently, it’s just been a back-and-forth wash, targeting these new investors, cleaning up their positions through short-term fluctuations.
In the cryptocurrency world, it simply boils down to a contest between retail investors and institutional players. If you don't have cutting-edge news or firsthand information, you can only get cut!
The article is time-sensitive, and the market changes in real-time. The above suggestions are for reference only!
Investing involves risks; please exercise caution when entering the market.
