The consecutive two-day plunge in April threw a bearish signal to the market, especially yesterday's unilateral decline caught many retail investors off guard. We are already accustomed to such market conditions in the cryptocurrency market. Relative to what we have experienced, this is just a drizzle. With the Bitcoin halving event approaching, the strategy is to buy the expectation and sell the fact. Everyone knows that the Bitcoin halving is a bullish event, but historically, there is usually a wave of decline before the halving. How can there be an opportunity for an upward trend if the market does not decline? For spot traders, a brief decline may be a good thing as it provides an opportunity to get on board and capture more profits. If the market keeps rising, would you dare to get on board? Profits are also limited, which is only considered from the perspective of retail investors. For contract traders, there is no need to consider the market's ups and downs. What matters is to profit from each trade. Trading expert Jin always emphasizes that you should make trades according to the market conditions and not speculate on the market's short-term fluctuations. Stick to your own strategy, and profits will come unexpectedly.
Bitcoin Market Analysis: On the daily chart, the coin price has consecutively closed lower, breaking through the BOLL midline and the previous week's range of oscillation, shifting the trend from bullish to bearish. Currently, the coin price is running within a downward channel, with the MA5 and MA10 death cross providing resistance around $68,500, and the lower BOLL band providing support around $62,500. The MACD on the chart shows a second volume surge, indicating that the coin price is expected to continue to be under pressure. In the short term, after the unilateral decline, the coin price has shown a slight correction and rebound signs during the Asian session. In the short term, the focus is on the resistance around $67,000 and the support around $64,000. Therefore, for intraday operations, it is recommended to go long first and then short. If you are uncertain about technical market conditions and news interpretation, or if you hold losing positions, you can discuss with expert Jin. Subscribe to the public account: Financial Retail Investors Alliance.
Before the Bitcoin halving event, we can follow the trend and go short. If it continues to break lower, the downside target could be around $62,500 and the key level of $60,000. The $60,000 level is the low point on March 8 and also the bottom of the recent triangle area. Whether it can stabilize here depends on the extent to which the halving event is digested. At that time, we can boldly lay out our positions. Whether you are a spot trader or a contract trader, whether you are positioning for the medium to long term or engaging in swing trading, do not be too hasty. Before positioning, you need to consider reasonable allocation of positions and risk control.
Short-term resistance levels: $67,000/$67,500 Short-term support levels: $65,000/$64,000
Real-time Bitcoin trading strategy:
In the early session, hold long positions near $65,800 for Bitcoin and around $3,290 for Ethereum, as seen on Weibo (Jin Yuhui, the wealth-bringing expert).
Short the rebound near the $66,800-$67,000 range, with self-controlled stop-loss, targeting around $65,500-$65,800 (Ethereum to follow suit).
Each article reflects the author's personal experience. After encountering various friends in the cryptocurrency market over the years, their stories bring different experiences to those who have not met me. Adhering to the trading philosophy of "simplicity, trend-following, no greed, and steady execution" is the path to wealth. With years of focus on spot and contract trading of Bitcoin, Ethereum, and other assets, using the lessons learned from the "blood" of many retail investors in the market to guide you forward. Follow Yuhui and you won't get lost, Yuhui will help you create wealth!
This article is from the author Jin Yuhui. Please indicate the source when reposting and respect personal opinions. The market conditions are changeable, and the article has timeliness and lag. This article does not provide any express or implied guarantee of the accuracy, reliability, or completeness of the content contained. Readers should strictly use it for reference, strictly control positions, and bear all responsibilities on their own. Finally, I wish everyone a happy investment and a happy day!
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