If 2023 is considered the starting point of the bull market, then 2024 will definitely be the outbreak point of the bull market, which is very similar to the trend from 2020 to 2021, but 2024 will be even better. In early 2024, the Bitcoin ecosystem gradually ushered in significant changes, with the launch of the inscription and the approval of spot ETFs, various events are driving the coin price to surpass the $70,000 mark, even reaching a new high in the bull market of 2021. With the upcoming "Bitcoin halving event," the market is becoming more and more frenzied, retail investors' emotions are running high, and both mainstream and altcoins are being highly valued. As a retail investor, how do you plan to embrace this historically rare opportunity for wealth and prosperity?
On January 11, 2024, the U.S. Securities and Exchange Commission officially approved 11 applications for Bitcoin spot ETFs, which is undoubtedly a milestone moment in Bitcoin history. The issuance of Bitcoin ETFs means that investors can hold and trade Bitcoin through traditional securities accounts, just like traditional stock and fund investments. Secondly, the formal approval by the SEC will have a chain reaction, greatly promoting the legalization of the cryptocurrency market. Lastly, and most importantly, the upcoming Bitcoin halving event (April 17, 2024) will be a significant factor leading to the outbreak of the Bitcoin market. The cryptocurrency market continues to be bullish, and retail investors worldwide are extremely excited, hoping to seize the key to wealth at this moment and achieve financial freedom as soon as possible. While ordinary people are still observing, the smart ones have already made their moves. What about you? Are you excited? Are you taking action?
"Wait for the clouds to clear and the moon will shine brightly. Wait for the flowers to bloom and they will eventually bloom." What we are waiting for is not just this fluctuating market, but also this agonizing heart. This week, the market is basically in a high-level adjustment phase, with occasional fluctuations, but as long as you don't chase after rises and fall for declines, there are profits to be made in both directions. Yesterday, Bitcoin and Ethereum's long and short positions were highly successful, especially in capturing high-level shorts during the U.S. trading session. In a fluctuating market, when approaching resistance or support levels, entering the market with stability and precision is the easiest way to capture high or low points. Do you still find trading difficult? You should make the type of trade that matches the market conditions, and even if you make mistakes, you should not go against the market.
Bitcoin Market Analysis: The daily line has switched between positive and negative, and the price is running within the upward channel. Although it has fallen back several times under the pressure of the $72,000 mark, it is still supported by two major moving averages, and the bulls are still strong. In the short term, BOLL is in a flat state, and it is expected that Bitcoin will continue to maintain its adjustment. In summary, as the Bitcoin halving event approaches, market sentiment remains optimistic. From a technical perspective, the trend of Bitcoin's adjustment is expected to continue, especially after stabilizing above the $70,000 mark, the trend is likely to be bullish. The key focus above is the resistance level at $72,000, which will also be the entry point for the second bull market. Below, the key focus is on the support at $68,500, and once the price falls below this level, it will continue to decline. The large range within the period is between $68,500 and $72,000, and the daily range is between $69,500 and $72,000. The strategy is to maintain a primarily long and secondary short approach, and to follow the trend if there is a breakthrough. If you are uncertain about the technical market or news interpretation, or if you hold trapped positions, you can discuss with Mr. Jin. Subscribe to the public account: Financial Retail Investors Alliance.
Short-term upper resistance levels: $72,000/$72,500 Short-term lower support levels: $69,500/$69,000
Real-time Bitcoin trading strategies:
Buy in the range of $69,500-$69,800 on the pullback, control your own stop loss, and target the range of $70,500-$70,700.
Short sell in the range of $71,800-$72,000 on the rebound, control your own stop loss, and target the range of $70,800-$71,000.
Real-time Ethereum trading strategies:
Buy in the range of $3,540 near the Asian trading session, control your own stop loss, and target the range of $3,580-$3,600.
Short sell in the range of $3,600-$3,620 near the Asian trading session, control your own stop loss, and target the range of $3,550-$3,570.
What to do if you are trapped in spot, contract, mainstream, or altcoins?
At this moment, there are certainly some trapped friends looking for teachers everywhere, but Mr. Jin wants to say, even if you are given a method to escape the trap, are you sure you can safely escape? Can you grasp every point after the market changes? Here's a suggestion: you might as well establish a direction in your mind. Your hesitation may cause you to miss the best entry points. After being trapped, no matter how you handle it, it is a passive operation. Escaping the trap is certainly a basic skill that investors must master, but investors should focus on improving their analytical skills and trading levels before being trapped, and try to reduce the number of times they get trapped, always maintaining control over their funds and mindset. This is the most important thing. Whether you are a potential cryptocurrency investor or already a standard investor, if you have trapped or locked positions and cannot understand the trend, whether you are trading real positions or simulating, whether you are a novice or an experienced trader, you can all seek advice from Mr. Jin Yuhui.
In this unpredictable market, some people are still making money, while many friends are not doing as well as they would like. When it's time to short, they fear the rise, and when it's time to go long, they fear the fall. This is human nature, this is technology, and human nature is the greatest technology. Sometimes you will realize that what really affects you is not the price, but the many things you imagine in your mind. Jin Yuhui is willing to be your guide. The trend is in your mind, the operation is guided, and when the market arrives, if you can't grasp it or predict it accurately, whether it's trapped positions, locked positions, or losses, you can always find me, the author, in person.
Every article is based on the author's personal experience. After encountering various friends in the cryptocurrency market for so many years, their stories bring different experiences to you who have not yet met me. Adhering to the trading philosophy of "simplicity, following the trend, no greed, and steady execution" is the only way to achieve wealth. Focusing on spot contracts for many years, using the lessons learned from many retail investors in the market to guide your progress. Follow Yuhui and you won't get lost, Yuhui will help you create wealth!
This article is from the author Jin Yuhui. Please indicate the source when reposting, respect personal opinions, and do not plagiarize. The market conditions are constantly 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 on their own. Finally, I wish everyone a happy and enjoyable investment journey!
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