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Bitcoin May Rally to $80K on Triangle Break: Technical Analysis @10xResearch Super Timely report from 10x Research - published 10 hours ago - #Bitcoin is now +4.6% higher since we published our report -> https://x.com/10x_Research/status/1777163546306183461 https://www.coindesk.com/markets/2024/04/08/bitcoin-may-rally-to-80k-on-triangle-break-technical-analysis/ #BTC

Bitcoin May Rally to $80K on Triangle Break: Technical Analysis @10xResearch

Super Timely report from 10x Research - published 10 hours ago - #Bitcoin is now +4.6% higher since we published our report -> https://x.com/10x_Research/status/1777163546306183461

https://www.coindesk.com/markets/2024/04/08/bitcoin-may-rally-to-80k-on-triangle-break-technical-analysis/

#BTC

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Is The Bitcoin Bull Market Over? What Every Trader Should Know Now A month ago, we wrote that Bitcoin ETF inflows would slow down – indeed, it has become evident to other market participants by now. If not the ETFs, who is the critical marginal buyer that lifts BTC prices above the upper triangle? A repricing of the US interest rate curve due to higher inflation should also be seen as a headwind. The market dynamic might have changed during the last week—again, in hindsight, it might have been evident. While we need more data and evidence, working with downside price (stop loss) levels could be critical to protecting capital. Since 2017, Bitcoin's cyclical nature and diminishing upside cycle returns (560x, 108x, 21x → notice the sequence) have been apparent. This cycle’s projection could have been fulfilled at 4-5x from the lows). This is why we have been advocating for a risk-mitigating strategy, with the all-time high at 68,300 serving as our ‘line in the sand.’ We stress(ed) that a failure to accelerate above this level could lead to cascading losses, underscoring the importance of this strategy. The lower triangle itself broke at 67,800, so selling positions would have made sense from a risk-management perspective. The sell-off was halted precisely at the previous low (March 19) when Bitcoin prices dropped to this 60,000/61,000 level, around the 23.6% Fibonacci retracement level. This is now a critical stop loss level as the next Fib level sits at 51,000 (or -22% lower). Almost two months ago, when Bitcoin traded at 52,000, our pre-halving analysis suggested that Bitcoin could rally to 68,000 (+32%) into the halving, reaching a potential peak a few days before. This foresight has proven accurate, with Bitcoin trading right where our pre-halving analysis suggested. The 60-day post-halving return is +16% only. In trading, it’s essential to know when to bet big and when to bet small; this is a time to bet small. Crypto’s volatility always offers excellent opportunities to make outsized returns; sometimes, waiting for those opportunities is essential.
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Is The #Bitcoin Bull Market Over? What Every Trader Should Know Now 👇1-16) While every market correction is easily explained in hindsight, we've been relatively cautious. As we emphasized in our 10x Research Telegram Group chat on Sunday, the recent sell-off presents significant risks and offers a potential buying opportunity. We've identified the most important price levels to watch (stops), providing a roadmap for potentially protecting profits. 👇2-16) If we break those levels, it is crucial to prepare for several tough weeks and months ahead. While crypto has become big enough to remain a legitimate asset class, deep and prolonged corrections can still occur. Understanding and managing these risks is critical. 👇3-16) Contrary to popular belief, we took a cautious stance on the post-halving, highlighting the lack of historical evidence to support immediate bullishness. In our Friday (April 12) report, we warned that Bitcoin miners could potentially sell $5bn of BTC inventories after the halving, which could adversely affect altcoins. This caution was validated as many popular altcoins experienced significant declines over the weekend. 👇4-16) A month ago, we wrote that Bitcoin ETF inflows would slow down – indeed, it has become evident to other market participants by now. We also believe many ETF inflows are arbitrage positions (25-30%) instead of outright longs – overstating the positive signaling effect. 👇5-16) Read the rest here: https://mail.10xresearch.co/p/bitcoin-bull-market-every-trader-know-now #BTC
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