Today, August 18, 2024, I would like to share my market views and personal trading strategy for Bitcoin and Dogecoin in the week ahead.
For Bitcoin, the high pressure level is expected to be at 60714, and the bottom support level is at 58166. Based on this analysis, my personal trading choice is to go short. I have opened a short position at 59560 and plan to add to the position on any strength.
Looking at Dogecoin, the high pressure level is expected to be 0.11000, and the bottom support level is 0.09791. Likewise, my personal trading decision is to go short, short at 10200, and prepare to add to the position on any strength.
In terms of options trading, my personal view is also to go short.
It should be noted that the cryptocurrency market is extremely risky and uncertain. Price fluctuations may be affected by a variety of factors, including global economic conditions, changes in policies and regulations, technological innovation, etc. Therefore, when conducting transactions, you must do a good job in risk management and set stop losses and take profits reasonably to avoid excessive losses due to sudden changes in the market.
For example, in the past, some countries suddenly strengthened their regulatory policies on cryptocurrency, causing the entire market to fall sharply; or a technical vulnerability in a mainstream cryptocurrency was exposed, triggering panic selling among investors.
In short, in this market full of challenges and opportunities, prudent decision-making and rational investment are crucial.
The above content is for reference only and does not constitute investment advice. Investment decisions need to be based on your own financial situation and risk tolerance.
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