Only with a calm mind can one achieve great success in investment. Everything else is just empty talk. Making money is the ultimate goal. Hello everyone, I am Jinrui from the cryptocurrency circle!
[BTC Daily Chart]
As Jinrui predicted yesterday, Bitcoin failed to break through the neckline near $71,700, leading to a price drop. Therefore, the possibility of a significant breakthrough will depend on today's non-farm payroll data.
Due to the continuous upward movement of the low point, Jinrui remains bullish. Considering the narrowing distance of the 25EMA on the daily chart, it is recommended to enter the market after a timely short-term adjustment.
Neckline at $71,700: This is a key resistance level. Failure to break through here indicates potential downward pressure on the market.
Non-farm payroll data: The upcoming employment data release may have a significant impact on the market trend.
Continuous upward movement of the low point: This phenomenon usually indicates that the overall market trend is still upward.
25EMA: This is the 25-day Exponential Moving Average, used to assess the market's medium-term trend and support/resistance levels.
Despite a drop of about $1,000, the overall trend remains bullish. As shown in the chart, the bullish trend can be maintained until the price falls below the 25EMA at the daily level.
[BTC 4-hour Chart]
The current trend on the 4-hour chart shows a formation of a double top pattern, with the 25EMA providing support. Overall, the trend remains bullish until the price falls below the 25EMA.
However, if it breaks below, Jinrui expects a drop of approximately $1,000 (close to the upper range of the triangle consolidation area, around $69,000).
Before the release of non-farm payroll data, the market is expected to show a slow and oscillating trend. Therefore, the ideal strategy is to wait for the price to fall to key levels before entering the market.
Key levels to watch for in medium-term trading:
25EMA on the 4-hour chart
$69,000
$71,700
[BTC 1-hour Chart]
In the short term, as the trading points are more refined, Jinrui suggests combining the 4-hour chart for entry operations.
~Ultra-short-term Entry Points~
Long position entry at the 61.8% Fibonacci retracement level ($70,400)
Target: $70,990, $71,500
Stop loss: $70,100
Long position entry with support from the 25EMA on the 1-hour chart ($71,000)
Due to a previous price break, it is recommended to trade with a small position
Target: $71,600
Short position entry following a breakthrough of the recent low point ($70,100)
Stop loss: $70,500
Target: $69,200-$69,000
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I have years of in-depth research on spot contracts, BTC, ETH, and various altcoins. If you are experiencing difficulties in trading or long-term losses, or if your trades are stuck, you can follow my public account (Jinrui in the cryptocurrency circle). Investment carries risks, so be cautious when entering the market. With the daily market fluctuations, all I can do is to use my years of practical experience to help you make the right investment decisions and manage your operations in the right direction.
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