In 2024, with Bitcoin hitting a historic high, the price fluctuations in the cryptocurrency market have once again attracted the attention of every investor. As the saying goes, "the bigger the storm, the more expensive the fish," what was once looked down upon is now unaffordable. Currently, the price of the coin is hovering around the $70,000 mark, and the clarion call for the return of the bull market has already sounded. Many investors are ready with their fishing nets. The recent "Bitcoin halving event" is affecting the overall direction of the cryptocurrency market (April 17, 2024), and the future movement of Bitcoin has become the subject of speculation for many analysts in the market. Some experts say it will rise to $100,000, while some capitalists expect it to rise to between $200,000 and $500,000. Riding the market "trend," opinions are varied. If you haven't seized the current bull market opportunity, how can you talk about the future? Only by seizing the current opportunity and being prepared with enough resources can one plan for the future.
The "Bitcoin halving event" has driven the entire cryptocurrency market crazy. After such an important event, investors' attention has gradually turned to other currencies. With the potential for a second bull market surge, investors' intentions are shifting towards those promising altcoins that could bring returns of over ten times in April. This is an opportunity for small retail investors. 2024 is the most rare "trend" in history. Working for a living is impossible. The opportunity for the poor and ordinary people to turn their fortunes lies in the cryptocurrency market.
Bitcoin is fluctuating around the $70,000 mark, offering the pullbacks you want and the upward movements you desire. In this large-scale upward adjustment, there is no right or wrong in going long or short, as long as you don't chase the rise and kill the fall, the market will give you the expected profits. In this bull market trend, being long is often more stable than being short. Have you noticed that you are more confident and have a completely different mindset when trading with the trend? Shorting? That's normal too. After all, it's short-term trading combined with technical analysis. In yesterday's market, this was demonstrated to the fullest extent.
In the next day's live trading, Mr. Jin gave a long position on Bitcoin near $70,600 in the European session, reaching $71,500 smoothly. A short position near $70,600 in the US session reached the range of $69,500 to $69,800. In the early morning, a long position at $69,300 reached the range of $70,200 to $70,500. With just three simple trades, a profit of 2700 points was made. In a bull market, can you say you didn't make money and even lost? Have you summarized the reasons for yourself? Avoid frequent trading, strictly control heavy positions, manage risks, trade prudently, trade for the original purpose, and don't let the market dictate the rhythm. Do you still think it's so difficult?
Bitcoin Market Analysis: The daily chart continues to close higher, with BOLL showing a slightly open state. The overall market remains in an upward channel, and as time and space change, the upward channel of the coin price will also extend upwards. Currently, attention continues to be focused on the resistance around $72,000, with a breakthrough leading to further gains. The key resistance is around the BOLL upper rail at around $74,000 (close to the historical high in March). On the downside, attention is focused on the support at $69,000, with the key support at the BOLL mid-rail at $68,000. With the MACD showing weakening downward momentum, it is expected that Bitcoin will continue to maintain a volatile upward trend. In the short term, if Bitcoin rises and falls, the price will remain around the $70,000 mark, and the technical BOLL also shows a flat state, indicating that the price is expected to continue to maintain a high-level adjustment in the short term. In the Asian session adjustment range, attention should be paid to $71,500 to $69,500, and in the European session, attention should be paid to the Asian session trend. The overall bullish trend remains unchanged, and Mr. Jin still recommends maintaining a low long position. For those who are uncertain about technical and news-based market interpretations or hold trapped positions, they can discuss with Mr. Jin.
Short-term resistance: $72,000/$72,500 Short-term support: $69,500/$69,000
Real-time Bitcoin trading strategy:
Go long in the $69,200-$69,500 range, control your own stop loss, and target around $70,500-$70,800.
If the market continues to rise and break through, then go long directly, set your own target, and avoid being overly greedy.
Ethereum Market Analysis: The daily chart closed with a cross star slightly below the BOLL mid-rail (a cross star indicates oscillation or consolidation), indicating that the mid-rail pressure is still relatively strong. The short-term direction depends on whether it can break through in the short term, otherwise it will continue to maintain oscillation or decline. The key resistance above is around the BOLL mid-rail at $3,680, and the support below is around the intersection of MA5/MA10 at $3,450. In the short term, Ethereum remains in a slight upward adjustment around $3,600, which is a key turning point. Especially with the MACD showing weakening downward momentum, the price is under pressure. If there is a second volume surge, the price will experience a pullback, otherwise it will maintain oscillation and upward movement. This key point requires waiting for the European session, and the overall trend is still bullish.
Short-term resistance: $3,680/$3,750 Short-term support: $3,550/$3,520
Real-time Ethereum trading strategy:
Go long around $3,560 on a pullback, control your own stop loss, and target around $3,620.
If the hourly chart continues to show large bearish candles, you can short at a certain position, targeting around $3,560.
Each article is based on the author's personal experience. After so many years in the cryptocurrency market, I have met various friends, and their stories bring a different experience to you who have not met me. Adhering to the trading philosophy of "simplicity is the ultimate sophistication, follow the trend, avoid greed and distraction, and execute trades prudently" is the only way to the road to wealth. Having focused on spot contracts such as Bitcoin and Ethereum for many years, I use the lessons learned from the "blood" of many retail investors in the market to guide you forward. Follow Yuhui and you won't get lost. Yuhui will help you create wealth!
This article is from the author Jin Yuhui (WeChat public account: Financial Retail Investors Alliance). Please indicate the source when reposting, respect personal opinions, and do not plagiarize. The market conditions are ever-changing, and the article has timeliness and lag. This article does not provide any express or implied guarantees of the accuracy, reliability, or completeness of the content contained. Readers should strictly use it for reference, strictly control their positions, and bear all responsibilities themselves. Finally, I wish everyone a happy investment every day!
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