Preface: Investment involves risks, and operations should be conducted with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: September 3, 14:17 Beijing time
Market Information
- ECB official Dolenc: The next action of the European Central Bank may be a rate cut or a rate hike;
- U.S. SEC and CFTC: Do not prohibit registered exchanges from providing spot cryptocurrency trading;
- U.S. Treasury Secretary to interview candidates for Federal Reserve Chair;
- Probability of a Fed rate cut in September reaches 90.5%;
- U.S. Congress resumes, cryptocurrency market legislation becomes the focus;
Did everyone watch today's parade? Congratulations to our country for its prosperity!
Market Review
It's September, and as we mentioned earlier, after the monthly and weekly lines close in the red, the chances of a market decline increase. Currently, both the monthly and weekly lines have closed in the red. Bitcoin has shown a slight rebound in the short term, with the highest point of the rebound at 111,742, while Ethereum's rebound high is around 4,498. Currently, Ethereum is operating at a low level, and after a slight rebound, Bitcoin is trading around 110,700;
Market Analysis
Previously, we mentioned that Bitcoin would have a short-term rebound, and after the rebound, we would go short. The entry range we provided is 110,000-111,000, with a stop loss at 113,500. Currently, the market trend is in favor of short positions, and the stop loss has not been triggered. We are now waiting for a decline, maintaining a target of 106,000. From a market perspective, when the monthly line closes in the red at a high level, a certain correction is expected. Looking back at previous instances where large red candles formed at high levels, they all led to varying degrees of corrections. The weekly line has also closed with three large red candles, indicating a strong bearish phase at a higher level. Returning to the daily line, the overall trend is moving in a downward channel, and the short-term rebound has not broken the trend. The upper pressure is around 113,000, which has not been reached. Currently, the smaller 4-hour line has started to close in the red and decline. In the short term, we are watching for a break below the recent low of 107,211, with support around 105,000. After reaching this level, we will pay attention to the short-term closing situation for layout. In trading, we are currently focused on short positions. Friends who previously laid out shorts around 111,000 can continue to hold. Those who have not yet laid out can still do so, with the entry range of 111,000-112,000 being acceptable. A stop loss at 113,500 is sufficient, with a target of 107,000-106,000. We will also pay attention to a break below 115,000 for entry opportunities; short-term trading requires risk control, and profits and losses are self-managed;
Ethereum
For Ethereum, we previously recommended an entry point around 4,460, with a stop loss at 4,560. The highest point of the rally is around 4,498. Those who have laid out positions are currently seeing a profit of about 160 points, with a target of 4,200-4,100. For those who entered, please pay attention to reducing positions and moving the stop loss. On the daily line, we are still watching the support around 4,000. The trend is generally showing a slow decline, presenting an overall bearish trend. Although Ethereum's monthly K-line has not closed in the red, this is due to the recent continuous rally. However, as the market leader begins to correct, Ethereum still needs to follow suit. In trading, those who laid out shorts around 4,460 can continue to hold. For those who have not laid out, they can enter around 4,350, with a stop loss at 4,450 and a target of 4,100-4,000. Please manage your entry opportunities; short-term trading requires risk control, and profits and losses are self-managed;
In summary:
The trend for Bitcoin is more strongly bearish in the future, with trading focused on shorting during rebounds;
The article is time-sensitive, please be aware of the risks. The above is only personal advice and for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook sheep and slaughter cattle for joy, one must drink three hundred cups." Always retain Li Bai's boldness, "Cen Fuzi, Dan Qiu Sheng, let’s drink, do not stop the cups." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep going, every person in the crypto circle.
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