Bitcoin has reached a new historical high of 124,545, breaking through the high point of 123,300 from July 14. Congratulations to those who have been bullish and trading long since around 78,500. Although it has taken more than 120 days and the increase is nearly 60%, I have maintained a long-term position from last year's average price of over 60,000 to 70,000, with Ethereum yielding over 80%. Additionally, the mid-term wave market has basically captured 80% to 90% of the movements.
My understanding is that Bitcoin will always oscillate upwards, always bullish and always filled with emotion. In a bull market, we do not talk about tops or short the market; we buy when no one is paying attention, patiently follow the trend, and sell when the crowd is roaring. This cycle repeats itself. In the 2017 bull market, Bitcoin dropped from 20,000 to 3,800, and in 2021 it fell from 69,000 to 15,400. Despite these massive declines, it eventually broke through the historical high of 123,300. In the next bear market, even if there is a correction of over 10,000, it will be very difficult to see Bitcoin drop; reaching around 60,000 to 70,000 would already be the limit.
If we extend the time frame, assuming long positions and short positions are held, you will find that all shorts have disappeared. If you are holding a low-leverage long position, the outcome would be completely different. Therefore, I want to clarify that those who understand the issues do not need further explanation. In a bull market, there can be sharp declines, and the market cannot only rise without falling. Follow the trend and grasp the turning points for buying and selling.
Bitcoin
Bitcoin has set a new historical high of 124,545, which came a bit earlier than I expected. The recent short-term rebound started on August 3, and after the triangle breakout on August 6, I looked at the harmonic pattern 0.886 around 118,000. After that, I continued to expect an increase to 121,000, which has been a resistance level that has not been broken multiple times. My original expectation was for a pullback to the mid-line before rebounding, but around 9:00 PM last night, it broke through 121,000, pulled back, and continued to rise, also influenced by the new highs in the U.S. stock market and the Federal Reserve's expectations for September. I had fully anticipated the movements in the U.S. stock market.
After reaching a new high, we can only look for new high points. Previously, I also reminded everyone to look at 135,000 as the next target. Any short-term pullback is an opportunity to enter.
Support: 121,000 to 123,300
Resistance: 135,000
Ethereum
Ethereum has been exceptionally strong, rising from 3,354 to 4,780 in just 11 days, an increase of 42%. I have been bullish since April and May, reminding to buy on pullbacks. Next, we will see if Bitcoin, having set a new high, can also lead Ethereum to a new high. However, I never FOMO; although there is still room for short-term growth, chasing the price is not advisable. We can only engage in short-term trades, and any future pullbacks will still be opportunities to add positions.
Support: 4,160 to 4,360
Resistance: 4,868 to 6,700
If you like my views, please like, comment, and share. Let's navigate through the bull and bear markets together!!!
This article is time-sensitive and for reference only; it is updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Official account: BTC Trading Master Fu Su
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