Always look on the bright side of life!!!

Good evening, everyone. I am trader Gege. I wish all my friends a happy Mid-Autumn Festival! I would like to start by sending my best wishes to friends who are trading in the cryptocurrency market. May all your wishes come true!

It's been a while since I last updated an article. In the early hours of the 19th, there was the so-called "terrifying data" that everyone talked about. Let's briefly discuss the market situation. First, let's talk about market sentiment. There is definitely a consensus in the market about the expectation of a bull market. Since the approval of the ETF, with the massive intervention of Wall Street institutions, many experienced traders who have been through bull and bear markets feel like newbies in this market. This is normal, after all, market trends will not simply repeat themselves, nor will they allow us to easily find a solution.

In the early hours of the 19th, there will be news about interest rate cuts. The expectation of interest rate cuts has been hyped for a long time. After the actual implementation, there may not be a positive performance in the short term. When the interest rate hike was announced before, the market did not immediately respond with a decline. The same principle applies. Of course, not everything is absolute, and there is a probability of the market moving against the trend. So even if the news of the interest rate cut is positive, don't rush in blindly. Be prepared for a trend of profit-taking in the future.

Let's talk about the technical aspect of Bitcoin. Looking at the monthly chart, the candlestick has repeatedly formed lower shadows. We need to pay more attention to the closing situation of this month, as it will affect the future trend. We accurately caught the one-way surge in October last year. It is expected that the market will perform well in the next few months this year. Get ready and seize the market opportunities for the rest of the year.

Looking at the weekly chart, although the candlestick pattern has formed a structure of higher highs and lower lows, it is not a bad market. It has not fallen below the key 60-day moving average, and the feedback from the attached indicators is not bad for the bulls. On the daily chart, the candlesticks are still mostly within a large range, with many resistance areas above. Therefore, in the short term, we need to pay more attention to whether the resistance can be broken and stabilized. First, look at the 60,500-61,500 level, and then the 64,000-65,000 level. The short-term strategy is to wait for the resistance to stabilize and then enter on the pullback. The ultimate key is the 70,000 level. If there is another breakthrough and stabilization above 70,000, then the probability of reaching a new all-time high will be very high.

I have two overall expectations for the next few months, but these are just personal predictions and are for reference only. First, this round of bottoming out will end, and with the help of the news, the market will reach a new all-time high, and then after the market heats up, there will be a pullback and consolidation. Secondly, with the rebound after the news, it will not break through the key resistance, and there will be a panic-driven decline below the previous low, followed by a bottoming out and a new uptrend. These are just my personal estimates of the future long-term market trends. With the expectation of a bull market, no matter how the market consolidates, we need to be cautious, protect our ammunition, and not try to catch the absolute bottom or top. We should only take profits within our own understanding, maintain a stable and long-term survival. That's all. In this way, we can beat the vast majority of the market.

The advice is for reference only. Enter the market with good risk management, and determine profit-taking and stop-loss levels on your own. For specific strategies, consult during trading hours.

Alright, friends, we'll say goodbye for now. I wish you all the best and smooth sailing in the cryptocurrency market! Today's article does not provide specific short-term trend points. More real-time advice will be shared internally. That's the end of today's update. For more real-time advice on Bitcoin, find Gege.

By Trader Gege, a friend willing to accompany you on the road to success.

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