Cryptocurrency News
February 1st Hot Topics:
- Grayscale transferred 311 BTC and 5863 ETH to Flow Trader 15 minutes ago
- Binance: The return of assets for "primary market" users of XIRTAM is about to end, and the return of assets for "secondary market" users is about to start
- Bitwise official: As of the end of January 2024, the BITB Bitcoin holdings amount to approximately 14,955 coins
- Interest rate futures traders continue to bet that the Fed's first rate cut will be in March, with the probability remaining basically unchanged before the FOMC statement
- BitMEX Research: Grayscale GBTC had a net outflow of $188 million on the 14th trading day
Trading Insights
Facing and evaluating oneself correctly
The market has its own operating rules, which are not subject to human will. The market is always right, even when it's wrong. Always respect the market. Believing in one's own judgment is based on a deep understanding of the fundamentals and the internal and external environment of the market, as well as on conforming to the rules of market operation.
Many people, when starting to engage in short-term trading, often lack technical expertise, leading to frequent high and low buying and selling, causing their mentality to be very restless. They seek profits in the short term, but end up missing good buying and selling points. The main force often takes advantage of investors' impatience, creating various long or short traps in the market or technical charts, causing many investors to chase after rising and falling prices. After experiencing several such setbacks, investors may develop a lack of confidence in the market. Continuously chasing after heavy trading volume in the market ultimately results in losses. Therefore, many traders repeatedly lose money, and one of the reasons is their restless trading mentality, entering the market hastily without waiting for a more confident opportunity.
Search for the public account: Big White on Coins
BTC
Analysis
After falling to the 42366 level last night, Bitcoin rebounded after finding support, reaching a high near 43740 but then falling back. The market then continued to decline to around 41890. Congratulations to friends who followed yesterday's strategy and profited 1600 points from short positions. Currently, the price is running near 42125. On the four-hour chart, the market rebounded and fell back, with consecutive bearish candlesticks and weak rebound strength. The MACD is gradually increasing in bearish volume, with the two lines crossing downwards. The MA7 is turning downwards. Although it is supported in the short term, the probability of breaking through is high. Without positive stimuli, it is expected to maintain a volatile adjustment. Looking at the daily chart, after the candlestick formed a doji star, the market reversed sharply, showing a possibility of retracing to the MA90, but the probability of effectively breaking through 40,000 is low. The suggested strategy is to treat the range with short positions at highs and long positions at lows. Resistance is at 42500-43000, and support is at 41500-40800.
ETH
Analysis
Ethereum's trend follows the overall market. After retracing to support last night, it saw a rebound, reaching a high near 2350 but then falling back. It dropped to the 2241 level, and friends who followed yesterday's strategy profited 70 points from long positions. Currently, the price is running near 2267. On the four-hour chart, the market oscillated and fell back, rebounding from the trendline support. The MACD is gradually increasing in bearish volume, with the two lines crossing downwards. Short-term bearishness has temporarily stopped, showing signs of a rebound. Pay attention to the resistance at 2280; if it is not broken, the market will continue to oscillate and fall back. Looking at the daily chart, the overall trend is weak, and there is still a demand for downward movement in the short term. Long positions need to be cautious of risks, and long-term operations should be the main focus. The suggested strategy for the day is to treat the range with short positions at highs and long positions at lows. Resistance is at 2280-2320, and support is at 2220-2200.
Disclaimer: The above content is personal opinion and is for reference only. It does not constitute specific operational advice, nor does it bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to consult.
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