Market Review:
Bitcoin has once again reached a new high, aligning with the strategy mentioned in our article yesterday about buying on dips. However, as of now, after hitting a historical high, Bitcoin has experienced a rapid pullback and has returned to the 122,000 level to begin consolidating.
Ethereum, although it hasn't risen much, also saw a pullback around 4,400 before making a surge, breaking above 4,600 and then starting to pull back again, returning to around 4,550 to begin consolidating.
From today's price action, it aligns with the strategy we mentioned yesterday about buying on dips. I believe everyone should have made some profit to varying degrees.
Price Analysis:
For Bitcoin's price action next week, I still remain optimistic about it reaching new highs. Although there was a significant pullback after today's surge to a new high, I prefer to believe this is a washout ahead of the weekend, shaking out the weak hands above, and then leading to the final wave of the main uptrend for this year. Therefore, the strategy remains the same as yesterday; as long as it can hold above the 120,000 level, we can expect to see around 160,000 this year.
As for the upcoming short-term operations, I personally think we should focus on the gains and losses in the 122,500-121,700 range. We can start entering long positions in batches as it pulls back to this range to capture profits. If the market unexpectedly drops below the 121,700 level and goes below 121,500, then we should look for opportunities to enter long positions around 120,000. As for short positions, I personally advise caution. If you feel uncertain about the specifics, feel free to contact me.
Regarding Ethereum:
Although Ethereum's price action is not as strong as Bitcoin's, it does not change its status as the second-largest cryptocurrency. Therefore, we have reason to believe that Ethereum's price action will only be delayed, not absent. Thus, I continue to believe that Ethereum will definitely reach new highs in October. In terms of price levels, we should focus on the support levels of 4,250 and 3,850; as long as these two supports hold, this round of upward movement will not end. At the same time, we need to pay close attention to the red trend line marked in the chart below, which serves as a key trend line for the gradually rising consolidation range. As long as the market breaks this trend line and then retests it, I believe Ethereum's shining moment will arrive. Therefore, we need to be patient in our operations, continue to build long positions based on 4,250, and pay attention to the confirmation of pullbacks around 4,550. If a breakout occurs next week with a confirmation of the pullback at 4,550, we can choose to add to our positions.
As for short-term operations: we should still adopt the strategy of buying on dips. The short-term levels to rely on are 4,515--4,400, and you can set your own targets above.
Operational Strategy Suggestions:
Buy on dips.
Do not argue with the market, and do not hold onto the obsession of "it should go up." When the market moves contrary to your judgment, the first thing to do is to admit your mistake and manage risk, rather than looking for evidence to prove you are right.
In a deteriorating bull market, even lions can make money; only pigs will be slaughtered.
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