Warren Buffett: "If you are on the wrong road, running is of no use." Lihui advises that no matter how confident you are in the market when trading futures contracts, do not over-leverage. Risk management must be considered before profits. The decision to enter the long or short position should be based on whether there is a breakthrough in support/resistance. Avoid frequent trading, manage your positions and desires, spend more time observing and waiting for opportunities, reduce the cost of trial and error, and increase self-control and confidence. Let everything be carefully planned, do not engage in unprepared battles, and do not play cards that cannot be taken back. Maintain good trading habits, guard against arrogance, and steadily make progress in order to achieve long-term profits in the industry. Lihui will continue to uphold professional knowledge, meticulous analysis, and unique position-building techniques to assist every coin trader in successfully obtaining valuable wealth and continuously realizing their own value in the coin circle! Wishing everyone financial freedom in 2024! Keep it up!
August 29th, Zhang Lihui: Bitcoin market analysis and trading recommendations:
The short strategy for Bitcoin was once again confirmed yesterday, and the high short position above 60,000 as outlined in the article has already provided a minimum of 2000 points of space for those who have entered. Therefore, before entering the market, one must first consider the general direction and choose the major trend in order to seize significant opportunities. In this situation, blindly chasing short-term long positions carries significant risks, which Lihui will not take as the risks outweigh the rewards!
The Bollinger Bands on the hourly chart are narrowing, indicating that the market may continue to fluctuate. The MACD is balanced above the zero axis with increasing volume, but the coin price has not shown a clear rebound or significant breakthrough. It is expected that the market will slowly grind, and the downtrend will begin when the EMA30 indicator continues to decline and approaches the position of the candlestick.
The current 4-hour Bollinger Bands continue to trend downward, with the candlesticks being continuously suppressed by the EAM7. The MACD is showing decreasing volume below the zero axis and is not very strong. The DIF and DEA are not showing a clear convergence but continue to spread downward.
The daily candlestick closing price seems unlikely to reach above the EMA200. The decreasing volume continues above the zero axis, and the DIF is not turning around at the zero axis but is entering a negative value, approaching the DEA to form a convergence. It is frightening to think about the potential downside if this death cross forms. If it continues to fall while calling for a rate cut, it would truly be a huge conspiracy!
In summary, Lihui suggests continuing to focus on the idea of a pullback in the short position, and then considering a long position after observing whether the daily death cross can be formed and reversed!
It is recommended to continue lightly shorting in the 59,500-59,900 range, with a reserve to add to the position at 61,400, and a stop loss at 61,700. The take-profit target is set at 58,600-57,600, and if the price breaks below 57,500-57,000, it can be held at the 56,100 level.
Article reviews may be delayed, and the market is constantly changing. Specific entry opportunities should be based on real-time notifications. The article's suggested positions are for reference only. When entering the market, set up stop-loss and take-profit points and act according to real-time conditions.
I, Lihui, interpret world economic news, analyze global trends in the coin circle, and have conducted in-depth research on BTC, ETH, LTC, DOT, EOS, BNB, SOL, and other currencies while studying in the United States. For those who are not familiar with trading operations, feel free to leave a comment!
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This article is exclusively published by Zhang Lihui (WeChat public account: Zhang Lihui) and does not represent any official position. The publication and review of the article may be delayed. The above positions are for reference only, and the risk is at your own discretion! May we always carry humility and courage in this complex and chaotic coin circle, fear no challenges, and dare to explore. Just as the road ahead is long and far-reaching, we will seek and explore. May we read thousands of books, keep pace with the times, and draw wisdom from the fountain. After traveling thousands of miles, experiencing storms, witnessing scenery, and understanding life, may you, under the guidance of Lihui, heed advice, play to your strengths, and create value together. May we always remember the baptism of the market, not forget our original intentions, and thus achieve lasting success. In the wave of digital currency, holding firm to faith, forging ahead with determination, may we jointly compose a brilliant future and share the joy of success. Let us gather in the turbulent world of digital currency, live up to the prime of our lives, and create brilliance together. Lihui is willing to embark on this challenging and opportunistic investment journey with you.
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