Master Discusses Hot Topics:

Before writing this analysis today, I roughly looked at some market news. I think everyone should stop talking about systemic risks for now. This recent drop in Bitcoin is just a result of short-term speculation getting old, combined with the exchanges' shady operations.

In reality, Bitcoin surged too aggressively in the first half of the year, and now it needs to take a breather. The correction is endless. Who still fantasizes about it quickly recovering to 117K-118K? That’s nonsense in the short term; if it can’t recover, it’s just going to consolidate and grind sideways, waiting for a macro catalyst.

Whether it’s the Federal Reserve sounding dovish or inflation and employment rates causing issues, without these factors, Bitcoin will just passively repair itself. While gold and tech stocks are thriving, Bitcoin is currently stuck.

Back to the market, that disgusting spike yesterday afternoon was clearly manipulated by the exchange itself. The spike went down without any buying pressure, and instead, some people waited until the spike was over to run. The trickery is too dirty. What’s even more ridiculous is that the spike just happened to hit above 111.5K, which is the average cost for short-term holders.

In less than a month, Bitcoin is testing this price again. If it can’t hold, it’s game over. The 107.2K below is a concentration of liquidity, a glaring bait, and the price will eventually step on it.

I’m quite aggressive; my target is 107.2K. If it breaks, I won’t look for a rebound; 109.4K and 108.8K are just waypoints along the way and don’t matter at all. Just remember one thing: if it holds 107.2K, we can still play; if it breaks, it’s like an old lady going down the stairs.

So, this adjustment will at least last until the end of September. Bitcoin’s failure to hold 111.5K yesterday has already declared the short-term trend dead. For now, don’t think about a miraculous reversal; just wait for the market to completely drain liquidity.

As for Ethereum, I recall it looks like it’s replaying the June movement. Don’t tell me it’s either a V-shaped recovery or another three waves down. I’ll tell you directly that the market hasn’t given any opportunities. If it can’t hold 4060, it’s a false breakout, and we’re waiting for three waves down, potentially dropping to 3600.

We need to clean out all the leveraged players before a rally can happen. Just like how it was harvested in June, it will happen the same way this time. So don’t deceive yourself; this wave is about clearing positions before a pump. Only then will you understand that the current drop is just a deep squat before the rise.

Master Looks at Trends:

Resistance Levels Reference:

Second Resistance Level: 113400

First Resistance Level: 112600

Support Levels Reference:

First Support Level: 111400

Second Support Level: 110600

On the 4-hour level, the reality is that Bitcoin has formed an N-shaped decline, being hammered down in the short term, and now it’s just showing a bit of technical rebound. 111.4K has a long lower shadow, which can be considered a temporary support low, but if you really think of it as a bottom, that’s self-deception.

To get straight to the point, 111.4K is the current short-term bottom, and whether it can hold depends entirely on the bulls. The last closing candlestick was at 112K, which is now short-term support, and we need to keep an eye on whether it can stabilize. If it drops below, the 110K door will be wide open.

The first resistance at 112.6K needs to hold for a chance to touch 113K, and the second resistance at 113.4K is the hard resistance. Last time, 113K couldn’t break through; if it doesn’t break out with volume this time, it will still be hammered down.

The first support at 111.4K is the only point to rely on today; if it breaks down again, the rebound will be over. The second support at 110.6K, if it drops to this level, the trend line will break, and a sharp drop could happen at any time.

The RSI is currently in the oversold zone, so a short-term small rebound can be sustained, but the overall direction is still down. Don’t see a rebound and think bullish; it’s more likely a pullback giving bears another chance to push down.

Today’s operational thought is to take advantage of any rebound, and when encountering resistance, don’t hesitate; treat it as a shorting opportunity. If 111.4K can’t hold, we’ll see 110.6K soon. If it holds, then we’ll just stay in this range for now; the market is still in an N-shaped decline, and the short-term bulls are at most just catching their breath.

9.23 Master’s Wave Strategy:

Long Entry Reference: Not currently applicable

Short Entry Reference: Short in the 112600-113400 range in batches. Target: 111400-110600

If you truly want to learn something from a blogger, you need to keep following them, not just make rash conclusions after a few market observations. This market is filled with performers; today they screenshot long positions, and tomorrow they summarize short positions, making it seem like they “always catch the tops and bottoms,” but in reality, it’s all hindsight. A truly worthy blogger has a trading logic that is consistent, coherent, and withstands scrutiny, not someone who jumps in only when the market moves. Don’t be blinded by exaggerated data and out-of-context screenshots; long-term observation and deep understanding are needed to discern who is a thinker and who is a dreamer!

This content is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you want to learn more about real-time investment strategies, liquidation, spot trading, short, medium, and long-term contract trading techniques, and knowledge about candlesticks, you can join Master Chen for learning and communication. A free experience group for fans has been opened, along with community live broadcasts and other quality experience projects!

Friendly Reminder: This article is only written by Master Chen on the official public account (as shown above). Any other advertisements at the end of the article and in the comments section are unrelated to the author! Please be cautious in distinguishing authenticity. Thank you for reading.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。