Master Discusses Hot Topics:

Continuing from yesterday, Master believes that old Powell is quite objective and responsible, but the market always wants him to be a savior. Why should he care so much? He just focuses on the economy and inflation, and he’s doing well.

One can only say that both Trump and old Powell are not wrong; they just stand in different positions. Who knows? Maybe the two are hiding in a villa, drinking red wine and chatting.

Trump slams the table and says, “Powell, let me be the bad guy!” Powell smiles and replies, “Trump, how can I let you bear it all alone?” We retail investors are too far from the sources of information, foolishly arguing about who is right and who is wrong, while they might be laughing at us.

Back to Bitcoin, it has been fluctuating between 83K and 87K for almost five weeks now. This round of decline has finally allowed everyone to catch their breath and think about the next steps. The fluctuations are nearing their peak, and with the U.S. stock market closed tonight, both bulls and bears are about even.

Personally, I lean towards bearish. Recently, it has been rising slowly for several hours and then dropping in just a few minutes, with major movements happening mostly at night. The market needs to exhaust everyone's long and short positions before deciding which way to go.

In the medium term, I personally think 74K is the bottom. BlackRock has bought over 30 million dollars' worth of Bitcoin, increasing their position for three consecutive days, and stablecoins are starting to flow in. If it drops below 83K, the bears will still have the upper hand. But if it breaks through 87K, then we can expect a one-sided rebound.

Additionally, looking at the data is quite interesting. There are over 680 million long positions waiting to be liquidated around 82K to 83K, while there are over 2 billion short positions waiting to be liquidated around 86.5K. So, the market will likely test this range, and the longer the fluctuations last, the less likely it is to be a bad thing for the larger trend ahead.

Master Looks at Trends:

Resistance Levels Reference:

First Resistance Level: 86000

Second Resistance Level: 85100

Support Levels Reference:

First Support Level: 84500

Second Support Level: 83900

Today's Suggestions:

Bitcoin is currently in a sideways consolidation and has formed a triangular convergence pattern. As it approaches the end of the triangle, it will choose a direction to break out. The longer the sideways period, the greater the volatility upon breakout.

The first resistance at 85.1K is a key resistance level during the upward process, while the second resistance at 86K has been tested recently but failed to break through. If it tests again today, and considering the previous selling pressure has been digested, the probability of a breakout will be higher.

In the short term, to maintain a bullish trend, the first support at 84.5K must hold. If it breaks below, it will fall out of the lower edge of the triangular convergence, and the lower level will turn into resistance.

The second support at 83.9K is the support level at the bottom of the range, so if it drops to 83.9K, the time to test the highs will be extended. However, this position is also a balanced area for risk and reward.

Currently, the short-term upward trend line seems stable, and we can set the trend line and the lower moving averages as gradual support, waiting for the price to test 85.1K again.

4.18 Master’s Band Trading Setup:

Long Entry Reference: Not currently referenced

Short Entry Reference: Light short in the 85500-86000 range, Target: 84500-83900

This article is exclusively planned and published by Master Chen (public account: Coin God Master Chen), with the same name across the internet. For more real-time investment strategies, solutions, spot trading, short, medium, and long-term contract trading techniques, operational skills, and knowledge about candlesticks, you can join Master Chen for learning and communication. A free experience group for fans has been opened, along with community live broadcasts and other quality experience projects!

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