The bull market is back, and the market situation in the Year of the Dragon in 2024 can be said to be pleasing. The market continues to reach new highs, and the highest point of Bitcoin at 69,000 RMB is within reach. On the previous trading day, Ethereum continued to retrace during the day and rebounded in the evening, reaching highs of 57,000 RMB and 3290 RMB.
In recent days, Changlu has provided analysis in the article and real-time strategies, indicating that there would be a retracement during the day and a strong upward trend in the evening. Yesterday, Changlu also mentioned the possibility of challenging the resistance near the Fibonacci retracement level of 0.618 at around 3355 RMB in the article, and the real-time strategy suggested buying at around 3078 RMB during the retracement and adding positions at 3040 RMB, which has proven to be profitable for those who followed the operations.
Ethereum Market Analysis: After today's sharp rise, if there is no pullback for consolidation, various indicators will have lost their effectiveness. If Ethereum rebounds near 3289 RMB and retraces, there is a trend of forming a long upper shadow. On the monthly chart, it is also likely to form a large bullish candlestick. There are reports that Buffett's recognition of the value of Bitcoin has led to the recent surge in Bitcoin. On the daily chart, the market has seen three consecutive bullish days, breaking the trend of potential divergence mentioned by Changlu in the article yesterday. The market will continue to revolve around the 5-day moving average and the upper rail. If it rebounds near 3350 RMB, everyone needs to be cautious about chasing long positions and guard against unnecessary losses brought about by market changes.
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On the 4-hour chart, there is a trend of forming a long upper shadow, but the bulls are still strong. Everyone should consider entering long positions after a retracement, but be cautious about chasing long positions at high levels. Since the Chinese New Year, Ethereum has not experienced a significant pullback. Will there be a large pullback when testing the daily Fibonacci retracement level of 0.618 at around 3350 RMB? Additionally, next month is the upgrade of Cancun, and a little over a month later is the halving of Bitcoin. At this time, whether going long or short, everyone needs to be cautious. When others are greedy, we should be fearful.
Operational Suggestions: Real-time strategies are provided.
For more strategies, please follow Changlu's Weibo @长路财经
Reminder: Strategies are for reference only. Set stop-loss and take-profit levels, and consider partial profit-taking and trailing stop-loss to protect profits and avoid excessive profit retraction.
The cryptocurrency market is always in full swing. It is everyone's common wish to seize the opportunity and get a share. Please believe that "the only thing missing between you and financial freedom is a long road." With the guidance of Changlu, you will surely achieve your cryptocurrency wealth dream faster and more steadily.
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