Master Discusses Hot Topics:

Recently, the surge in Bitcoin has excited many people, with various claims of a "bull market's main wave" emerging one after another, almost giving a feeling of riding a rocket. However, upon reflection, Bitcoin is still in a consolidation phase and hasn't broken out yet.

And what about ETH? It hasn't even touched the most basic resistance level, so how can we talk about a main wave? It really fits that saying, "The bull hasn't arrived, but the braggers are already here!"

As an old hand in the circle, Master is not optimistic about the so-called "main wave" at the moment. By the end of the year, I tend to believe that the exchange rate of ETH and altcoins against Bitcoin will continue to decline. Of course, I'm not entirely bearish. After all, the market is ever-changing, and unexpected situations might bring surprises.

But my viewpoint is clear: unless ETH can effectively hold above the key level of 2820, I will continue to be bearish! This isn't the first time I've said this; the arrival of a main wave requires sufficient volume and price support.

If ETH can indeed hold above 2820, it won't be too late to go long then; going with the trend is the way to go. Otherwise, the current market is just a small fluctuation within a major adjustment.

Speaking of altcoins, this year's market environment is like "forcing everyone to raise their awareness," leading everyone to a deeper understanding of "certainty, sustainability, narrative, and innovation." To be honest, if the market's imagination for altcoins lacks novelty, it will be a "thousand coins diving together," and without innovation, one can only wait to be ruthlessly ignored.

With little market consensus and emotional support, altcoins will continue to differentiate—only a few can outperform the market, and the rest, even if they don't fall, simply "can't rise above the market and lack durability."

Moreover, looking at the past couple of days, in the first 20 hours, Bitcoin rose while altcoins just caught their breath; in the last four hours, as Bitcoin stabilized a bit, altcoins began to surge again.

In the short term, the key is whether Bitcoin can hold steady and then break through 72,000 to 73,000, which is a high turnover area from mid-March, comparable to a high-difficulty hurdle race!

Looking back at Bitcoin's trend, this wave has been rising since early October, with each breakthrough of the previous level resulting in a rise of two to three thousand dollars, followed by a few days of rest before another sprint.

That said, if we can continue with another miraculous operation this time, as long as Bitcoin doesn't drop below 66,000, we can optimistically see it above 75,000; but if it breaks below 66,000, we might really have to look at below 50,000.

Master Looks at Trends:

With the U.S. elections approaching, Bitcoin has surged past 70K and is now comfortably sitting around 71K, feeling invincible. One could say this wave of increase is somewhat like shouting "Trump, charge!" After all, as expectations for the old man's victory rise, the market has become lively, as if confidence has been fully charged.

Of course, that said, this significant rise can also make people feel uneasy, as the higher you stand, the harder you fall. Therefore, maintaining a rebound viewpoint and stabilizing one's mindset is essential, as there are still resistance levels ahead.

Friends who have entered the market can consider holding on, but for those looking to enter, remember to buckle up your wallets and take it slow.

Resistance Level Reference:

First Resistance Level: 71700

Second Resistance Level: 73100

If the first resistance level is broken, we might have to experience the roller coaster of 73K again. The current market feels like trying to touch the sky by reaching up; it's advisable to see if it can break the first resistance.

At this stage, I personally suggest not to rush to increase positions; wait for the market to pull back before considering entry, to avoid getting trapped by chasing highs. If it drops now, it would be "standing guard at a high position," so observing for a while and finding a lower entry point would be better!

Support Level Reference:

First Support Level: 70200

Second Support Level: 69000

If it can break through 71K, and maintain that level while forming a bottom, there will be a chance for a short-term rebound. At this moment, Bitcoin is like LeBron James gathering strength before jumping; we just have to see if it can stabilize.

Speaking of entry, 70.2K is a good threshold, but the probability of a significant pullback is low, so it might be better to wait for it to return to around 70.5K before acting. Don't rush in with a full position right away; waiting a bit is the way to go.

Today's Trading Suggestions:

Today's trading has already seen a rapid rise, like catching your breath after running a marathon. Look for short-term pullback opportunities before entering; don't rush in right away, stay steady, and don't be reckless! I don't think the likelihood of Bitcoin directly breaking the highest point is high; if it rebounds to the resistance level, it would be a good time to observe for a pullback.

10.29 Master’s Wave Trading Orders:

Long Entry Reference: 69800-70200 Long, Stop Loss 69300, Target: 71000-71700

Short Entry Reference: 71700-72100 Short, Stop Loss 72600, Target: 71000-70200

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). For more real-time investment strategies, solutions, spot trading, short, medium, and long-term contract trading techniques, operational skills, 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!

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