In the next quarter of 2023, the bull market for cryptocurrencies quietly emerged, and in the first quarter of 2024, the bull market reached its historical peak. However, this record could be surpassed at any time by the current fervent bull market. In the recent period, we have seen many digital assets follow the rapid rise of Bitcoin (BTC), while some altcoins have failed to keep up, especially compared to the bull market of 2021. However, this situation hides opportunities. On the other hand, as the market slowly shifts from mainstream coins to altcoins, former altcoin leaders are also restless, waiting for the opportunity to rise. In the recent bull market cycle, the two hottest cryptocurrency sectors are artificial intelligence and the first-layer blockchain platform. Regardless of which type of coin you are interested in, why not take advantage of this favorable trend and make a stable profit in the bull market? If you miss this opportunity, it may be difficult to rely on cryptocurrency for a turnaround in the future. With the opportunity right in front of us, I hope we both have no regrets.
Yesterday, both Bitcoin and Ethereum led the rally, breaking the calm of the previous week. Especially after Bitcoin broke through the $70,000 mark, the entire market went crazy. Regarding yesterday's live trading guidance, Mr. Jin gave a short position during the European session (short on Bitcoin at 67,300, short on Ethereum at 3,450). After a wave of decline, the market then rebounded strongly. This position was stopped out, and I think many people have experienced this kind of situation. On the one hand, they feel that the market's decline (400 points for Bitcoin, 20 points for Ethereum) did not meet their expectations, and the profit was too small. There may be some greed involved. On the other hand, they are confident in the market trend and cannot control the sudden rise in the market. If you make a mistake, you must admit it in a timely manner and adjust your analysis, so that you can grow quickly in future trading. During the U.S. session, Bitcoin continued to rise, breaking through the $68,000/$69,000/$70,000 marks one after another. Mr. Jin did not hesitate to go long, preferring to follow the trend rather than blindly chase the short side. In the early morning, he gave another long position near $69,500, and both long positions reached the expected targets perfectly, securing the gains. Looking back, yesterday's trading was really exciting, but fortunately, a turnaround was achieved at the last moment. In trading, we may face different market conditions every day, but we must maintain a stable mindset. If technology is the key, then a stable mindset is definitely the key to victory.
Many friends have asked me why, in my articles, I was bullish on both Bitcoin and Ethereum, but my trades were in the opposite direction. This is a good question, indicating that this friend has been silently paying attention to me. When we look at technical analysis, we first look at the overall direction, and then at the short term. For contract trading, we often provide more short-term analysis, which is suitable for retail investors, known as swing trading. The overall direction is suitable for those with a relatively large amount of capital, and can be operated in both spot and contract markets, but this will test a person's mindset. If the amount of capital is relatively sufficient, Mr. Jin's suggestion is to use a portion of the capital for spot trading for medium to long term positions, and another portion for contract trading. It is most stable to take big risks with a small amount of capital on a secure basis.
Bitcoin Market Analysis: On the daily chart, Bitcoin continued to close with consecutive large bullish candles, forcefully breaking through the BOLL midline and effectively holding above the $68,000 level, entering an upward channel once again. The moving averages MA5 and MA10 crossed upwards, indicating overall strong bullish momentum. In the short term, after the overnight surge, the bulls are slightly exhausted and consolidating, currently maintaining around $70,400. The short-term trend is expected to remain in a consolidation phase. The key resistance levels to watch above are around $71,196, while the key support levels below are around $69,300. In summary, Bitcoin has made a strong comeback, breaking through the $70,000 mark, providing a calming effect on the market. If this momentum continues, reaching new highs is also possible. In the short term, Bitcoin maintains a strong bullish trend, so it is recommended to go long with the trend. If there is a breakthrough, we can still boldly go long. For those who are uncertain about technical and fundamental analysis or are holding losing positions, they can discuss with Mr. Jin. Subscribe to the official account: Financial Retail Investors Alliance
Short-term resistance levels: $71,196/$72,000 Short-term support levels: $69,500/$69,000
Real-time Bitcoin trading strategy:
Go long in the $69,300-$69,500 range, manage your own stop loss, target around $71,000
If the market continues to rise and breaks through, continue to go long, set your own target, and avoid being overly greedy
Ethereum Market Analysis: On the daily chart, Ethereum also closed with consecutive bullish candles, but the momentum is relatively weaker compared to Bitcoin. After reaching the BOLL midline, Ethereum experienced a pullback, but the overall trend remains within a downward channel. Fortunately, the moving averages MA5 and MA10 are converging and showing a golden cross, providing support around $3,460. The key resistance levels to watch above are around $3,680, and if effectively broken, Ethereum will have greater upside potential. In the short term, Ethereum, like Bitcoin, is in a consolidation phase after a sharp rise. In such market conditions, it is important to be cautious. The market either quickly retraces or directly rallies (yesterday's high becomes today's starting point), so it is best to remain cautious for now, but we still adhere to a bullish view in the overall direction.
Short-term resistance levels: $3,680/$3,750 Short-term support levels: $3,580/$3,530
Real-time Ethereum trading strategy:
Go long around $3,570 on a pullback, manage your own stop loss, target around $3,620
If the market continues to rise and breaks through, then go long directly, set your own target, and avoid being overly greedy
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 a time 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 investment and a happy day!
Adhering to the trading philosophy of "simplicity, following the trend, avoiding greed and distraction, and executing steadily" is the only way to achieve wealth. Focusing on spot and contract trading of Bitcoin, Ethereum, and other assets for many years, using the lessons learned from the "blood" of many retail investors to guide your progress. Follow Yuhui and you won't get lost, Yuhui will help you create wealth!
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