All trading principles must be adhered to and cannot be violated, such as position management and stop-loss in risk control. The rest is a matter of methods, which vary from person to person. There are no two completely identical leaves in the world, just as there are no two traders with the same trading methods. Different personalities, interests, and characters will lead to a diversity of methods.
Hello everyone, I am trader Gege. Continuing from the last article, there was a pause in updates for a few days because the market has been oscillating within the range mentioned earlier. Bitcoin has repeatedly provided support for rebounds as discussed, and today’s surge has broken the 9-day range. Those who followed the long position around 83500 should have achieved good results.
Today is Monday, and as per the usual practice, let’s first discuss the weekly chart. The weekly level has been consistently bullish above MA7 and is currently testing MA30, which is also the resistance from the previous high of 88000-89000. Therefore, this week, the focus should be on the breakthrough of this boundary. If it can break through decisively, it will test the mid-range nearby. Conversely, we need to pay attention to the support around MA7. This is the key point to watch this week, and the overall trend structure still maintains the previous view. Patience in waiting for adjustments is necessary to welcome a significant trend.
On the daily chart, the candlestick has risen above MA60, marking the first time since it fell below in February. The short-term focus should be on whether it can stabilize above this level. The 4-hour chart continues to rise and is testing the previous high. As long as it completes the breakthrough and stabilizes, it is highly likely to touch the 90,000 range tonight or tomorrow. Although it is strong, I personally do not like to chase, so as long as it does not break below the 86000 level on a pullback, it can be entered above that. Recently, the market has been experiencing strong surges followed by pullbacks, so it’s better to be cautious; it’s better to miss out than to make mistakes.
The performance of Ethereum is still weaker than Bitcoin, and the rebound strength is insufficient, which is a common occurrence in this bull market, so the psychological expectation for counter-movement should be lowered a bit. The overall trend will definitely follow Bitcoin. On the weekly chart, pay attention to the area around MA7 to see if it can break through and stabilize. On the daily chart, it is currently testing the middle band of the Bollinger Bands. If it can break through and stabilize, touching MA30 should not be a problem. The support below continues to focus on the area around MA7, which is also the lower edge of the previous small range. The previous high on the 4-hour chart is a point to watch in the short term. Bitcoin has already broken its previous high, but Ethereum has not tested it yet. It is weak, but it still offers some hope for a rebound.
Bitcoin short-term: Long at the 87000-86500 range.
Ethereum short-term: Long at the 1600-1580 range.
PS: Try to use the strategy activation only once.
The suggestions are for reference only. Ensure proper risk control when entering the market, and manage profit and stop-loss spaces on your own. Specific strategies should be consulted in real-time.
Alright, friends, we will say goodbye until next time. I wish everyone continued success and smooth sailing in the crypto world! More real-time suggestions will be sent internally. Today’s brief update ends here. For more real-time suggestions on Bitcoin and Ethereum, find Gege.
Written by/ I am trader Gege, a friend willing to accompany you in making a comeback.
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