Master, let's chat about hot topics:
After 3 years, BTC once again touched a new high of 69,000. Then it turned around and plummeted straight down, directly hitting 59,000. A $10,000 drop was completed in an instant. Such manipulation cannot be separated from the Wall Street big shots. Although there are more institutions now, it's still not wise to blindly rush in if you want to play with institutions.
Speaking of BTC, this time it has also gained the recognition of many institutions, such as Morgan Stanley, which has always looked down on BTC. Their chief strategist's latest market judgment is that Bitcoin will soon break through 82,000, and the price is expected to reach $150,000 by the end of 2024. IBIT of BlackRock has once again set the record for the fastest breakthrough of $10 billion, and BlackRock will add a Bitcoin window to its $36.5 billion strategic income opportunity fund.
Now the pressure is on another national-level asset management company in the United States, Vanguard. They were still very resistant to BTC not long ago, and it's unknown if this wave has convinced them. Currently, JPMorgan, Merrill Lynch, and Fidelity Bank have actively joined the embrace of cryptocurrency ETFs. It can be seen that since BlackRock's support for cryptocurrency, Bitcoin has leaped from a scam to a global mainstream asset.
It is now a commodity asset second only to gold, surpassing silver and meta in the total investment category globally, ranking eighth in terms of market value. In addition, after Ethereum's recent consecutive rise, its market value has surpassed Mastercard and Exxon Mobil, ranking 23rd in total assets, despite the SEC once again delaying BlackRock's Ethereum ETF spot application.
Do you remember the last time BTC hit a new high was in December 2020 when it broke through 19,800? If history repeats itself, then BTC will break through 100,000 before the halving, and after the halving, it will break through 150,000. Institutions have been impressed by the increase. Even JPMorgan, which has always looked down on Bitcoin, predicts that Bitcoin will soon break through 82,000 and surpass 150,000 by the end of this year.
Bitcoin's current market value surpasses silver and meta, ranking eighth globally, while Ethereum's market value surpasses Mastercard and Exxon Mobil, ranking 23rd globally! BlackRock continues to open ETFs to its own $36.5 billion fund. On Wall Street, Bitcoin has become a global mainstream asset, with a consensus level second only to gold.
Master's Trend Analysis:
The recent dip to 59,000 can be considered a bottoming performance. I believe that this month's market is still bullish. Based on the current trend, we can consider a bullish stance in the 60,000-62,000 range on the daily chart.
On the upside, we should focus on the previous high on the four-hour chart, which is still the first step I mentioned last week, 68,000-72,000. Only by stabilizing above 72,000 can we challenge the 80,000 mark, and at this point, we may see a similar bottoming performance. There is no continuous uptrend, and a pullback during an uptrend is a normal occurrence.
As for the trend of ETH, it reached a high of 3,800 yesterday, with a bottoming performance of over 20%. The lowest price achieved was just over 3,100. In this environment, the normal daily support level is around 3,200-3,300. On the upside, we can currently focus on the 3,660-3,720 range. If it breaks through, it will continue to reach the previous high, step by step, to reach above 4,000.
3.6 Master's Short-term Pre-set Orders
BTC Trading Suggestions:
Short near 64,400-64,800, defend at 400, target 63,500-63,000
ETH Trading Suggestions:
Short near 3,580-3,620, defend at 40, target 3,500-3,430
More strategies can be added to the live trading
Candlesticks are king, trends are emperor. I am Master Chen, focusing on BTC and ETH spot contracts for many years. There is no 100% method, only 100% trend following. Daily macro analysis articles are updated on the entire network, and technical analysis review videos are available.
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