Do not worry about the road ahead without friends; on the investment path, there are like-minded individuals. Good afternoon, everyone! I am the King of Coins from the Coin Victory Group. Thank you all for coming here to watch the King’s articles and videos, bringing you different news from the crypto world and precise market analysis every day. Recently, due to some reasons, the articles and videos have not been updated for a long time. I just checked the records, and the last update was when Bitcoin's price was still at 84,000. It’s quite crazy to think about the crypto world.
Click the link to watch the video: https://www.bilibili.com/video/BV1KZsgzDE57/
The main reason for the long absence of updates is that the King believes the current market has fundamentally changed from our usual understanding of financial logic. The dollar and Bitcoin have shown a trend of rising and falling together, while the dollar and U.S. stocks have diverged significantly. All of this requires us to reorganize our thoughts and take a fresh look at the current crypto market. Therefore, the King will be updating articles and videos for a while, hoping to be of help to everyone.
Looking back at Bitcoin's market, it is quite obvious that over the weekend, the market repeatedly faced pressure at 107,500, creating a false impression of a top-bottom exchange at this position. Then, after the Asian market opened today, there was a violent surge that buried all short positions here. From the details, choosing to start the market at this critical point during Monday's Asian session is to give no opportunity for speculation. All those who held onto short positions with a glimmer of hope without timely stop-losses or those who wanted to make something happen with short positions were severely punished. The market hardly paused at the two key support levels of 109.2k and 110.3k during the previous downward process; basically, anyone who went short faced immediate losses. From the morning's market fluctuations, we can see this is a slaughter for the technical traders, while ordinary retail investors are only given a single path to go long.
From Friday to today, the market has been a double kill for both bulls and bears. Brothers, the market does not lie. This kind of market tells us that everyone’s trading mindset needs to change. The current focus of the market makers is on technical traders. To strike at the technical traders, we retail investors can only operate with a contrarian mindset. Today, we absolutely cannot chase long positions anymore; the market makers in the U.S. session will definitely hunt down long positions, leading to another double kill. For today’s market, the first thing we can do is wait for the market to dip and wash out positions. As long as Bitcoin does not drop below 106.3k, we can consider going long at suitable positions, such as 107.5k, with appropriate large stop-losses. Currently, there is only one resistance level above at 112k. If the market breaks strongly and then falls back below 112k, we can consider going short, aiming for a 2-3k space, which is relatively controllable in terms of risk.
As for Ethereum, the thought process is essentially no different from Bitcoin. The key focus is on 4170 above; if the market breaks and falls back, we can go short. Below, we are looking at 3920 for another long opportunity, which should not be a big issue.
The crypto market has been changing rapidly lately. The article and video I just released may become outdated immediately, so we have set up a communication group. Friends who are interested can contact me to join. Please do not disturb; we will also be live streaming on Tencent Meeting every night at 8 PM to help our fans analyze the market.
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