Nature: This is a time-advanced analysis report and is not suitable for short-term reference. Setting the tone: The 93,000 yuan bitcoin is not necessarily the highest point, but the space in the future market is extremely limited. Even if the bitcoin reaches a new high, most varieties will no longer have new highs. Now it is the tail of the bull market. The risks are greater than the benefits, especially for those who have heavy positions in spot copycat products. The risks are extremely high. reason: 1: Monthly cycle This round of bull market started in November 2022. From the perspective of wave structure, it is currently in the fifth wave of the monthly line, which is also the last wave. Generally speaking, the rise time of the fifth wave is shorter than that of the third wave. The third wave of the monthly line of this round of bull market rose for 7 months. This high point will most likely appear in the fourth or fifth month. Even if it appears in the fifth month (December 2024), it will be at the beginning of the month. Therefore, from the perspective of time, the conditions for the bull tail are now met.
Today's article expresses personal opinions based on the current reality of BTC weekly chart. It is not used as a basis for placing orders and is for reference only. 1: It took 49 days for the callback from point A to point B to be 17346 points; it took 37 days for the rebound from point B to point C to be 15606 points, with a rebound amplitude of 89.9%. 2: The total time from point C to point D is 18814.5 points, which is a total of 21 days. My personal opinion is that the height of point E will not exceed that of point C, and the rebound proportion from wave 4 will not exceed that of wave 2. Here are the reasons: 1: If wave 5 does not exist, then the previous waves 1234 should be a W shape. This shape usually has a characteristic that point D is higher than point B, but BTC does not have it.
Do not chase, just wait for a position with cost-effectiveness. At the same time, when moving forward, do not forget the position of the market; risk does not disappear because of new highs...
Many people are focusing on above 4000, my view is to reduce positions above 3800, the 3880~3900 range has a monthly line level lifeline resistance, the low point of August 5th at 2112 serves as the support of the monthly line lifeline.
Starting from the support of the monthly line lifeline, whether it ends at the resistance of the monthly line lifeline will be left to time. However, the mid to long-term results of the spot market have come to a conclusion.
This morning I clearly stated in the video and internal organization that there are three stages of rising. The first stage is to 93700, and just now it reached a maximum of 93721, basically no error. Can we do it tonight? Under what circumstances can we do it? Under what circumstances can we not do it? How should we do it? If needed, you can chat with Yi Ming #BTC #ETH
Yesterday morning, the risk of a decline was highlighted, and resistance at 98500 above Bitcoin was indicated.
This pullback is temporarily viewed as a washout in the four-hour cycle.
The daily life line below is at 91500, this position is crucial. If it does not break below here on the daily level, it will go up again, reaching a new high in early December, and then enter a long-term downtrend.
Once this signal appears, you can ambush short positions
Since the rise began on November 15, BTC's four-hour lifeline has retreated four times. The first three times, the closing price was above the lifeline, and then set a new high.
Yesterday (the fourth time) when it retreated to the four-hour lifeline, it fell below the four-hour lifeline for the first time. Although it is now above the four-hour lifeline, it has not broken through the upper resistance.
This situation must be taken seriously. If the four-hour closing price is below the lifeline at 96,300 again, it can be judged as a sign of turning short in the four-hour cycle.
Although it has not happened now, we must make a plan. If it happens, what should we do? Not only Bitcoin, but all varieties are the same.
Once Bitcoin starts to adjust in four hours, the nearest defense is 91,500 (this is the lifeline support of the daily line). Bitcoin adjusts by 10%, and other cottages adjust by at least 20%.
Since the rise on November 6, the four-hour lifeline has experienced four pullbacks, and during the fourth time a risk signal appeared. What should we do if it breaks down? Prepare a contingency plan in advance, what are the criteria for judgment?
Last night, the price broke below the four-hour lifeline, marking the first time since November 6. Although there was a rebound in the morning, it has not yet broken the four-hour resistance level of 98580 above, which means a new bullish trend has not formed, and this situation needs to be cautious.
Key focus: Can the four-hour closing of Bitcoin stay above 98580? If it fails to stay above for two consecutive candles, the risk of a pullback increases.
Note: The four-hour position below will adjust with the passage of time; this is the result updated at 8 AM today. For the latest information, feel free to chat with Yiming.
Bitcoin and Ethereum, at 12 AM during the four-hour close last night, both fell below the life line, with positions at 96300 and 3280 respectively; this is the first time since November 6. Although there was an upward rebound in the K-line from 4 to 8, it did not form a new bullish trend.
BTC: The four-hour resistance for the upward rebound is at 98500, and the 61.8% Fibonacci retracement level is at 98200, indicating a strong resistance area between 98200 and 98500. If the four-hour close cannot surpass this level, there is a high possibility of another pullback, which is likely to end this short-term upward trend.
ETH: The rebound strength is significantly weaker than Bitcoin; although there are no new lows, it is still far from the resistance level of 3407 on the hourly chart during the rebound.
SOL: This rebound strength is only next to Bitcoin, and it has only reached the hourly chart resistance line of 254.7, without breaking above it.
Overall Judgment: There is a relatively high probability of a downward adjustment this week, proceed with caution.
Yesterday, the key position for BTC was given: 96300. It just rebounded quickly after touching a low of 96450, indicating that this four-hour lifeline is effective.
The focus moving forward is whether it will make a new high after coming up from this position, and where the next key resistance lies? (It can only be determined at 24 o'clock) If it can break through the key resistance above, then a new high is not a problem.
This applies to all varieties; the four-hour lifeline ambush is the safest. The rest of the time is for waiting and searching, waiting for the market to reach the four-hour lifeline position, and searching for varieties that fit the trading system.
Reminder: The same lifeline position can only be used the first time it is reached; subsequent arrivals are not recommended for use.
At present, the big cake only needs to pay attention to one position: the four-hour lifeline 96300
From November 6 to yesterday, it has experienced three retracements to the four-hour lifeline.
If it can reach this position today, it will be the fourth retracement. It is unclear whether it can reach a new high.
What is known is that this is a sign of judging the trend direction. Look at the four-hour closing situation. If it is above this lifeline, it is long, and if it is below this lifeline, it is short.
Now the whole world is waiting for the appearance of the 100,000 big pancake. No one can predict how high it will go.
However, we can find key positions for pullbacks, the four-hour lifeline at 97,500. No variety can afford to lose the four-hour lifeline; once it is lost, it means a change in trend.
In the evening, observe the K-line structure of this pullback to the four-hour lifeline. (New highs are calculated separately)