The trading market does not simply move in the expected direction; the road to success is always winding. Once you go off course, you will lose direction and enter a loop. The market behaves similarly; trends are certain, but they will never simply move in a predetermined direction. Along the way, there will be twists and turns that can shake one's heart. At this time, a good mindset is needed to face it, unaffected by short-term trends. If you maintain your original intention, you will achieve your goals. The investment market requires composure and persistent determination, and then you can reap profits!
Hello everyone, I am trader Gege. Continuing from the last article, there has been a pause in updates, and internal operations have also decreased because the previous wave of increases was too good, so I chose to take a selective break. Life outside of trading cannot be ignored either. I will continue to keep the articles updated. I woke up relatively early today, so let’s briefly discuss the market from a technical perspective.
Looking at the weekly K-line of Bitcoin, it has already started a 5-wave upward trend. Fans who have been following Gege's articles should have gained good results from the previous article's insights. The 5-wave increase was also mentioned in earlier articles. Regarding this wave of increase, you might wonder where the resistance above is? Gege provides two reference points: around 122300 and 130300. At these two levels, bulls need to be cautious, as there is a probability of a significant drop and a washout.
On the daily level, since the rebound from the bottom in early April, it has continuously refreshed historical highs. This segment of the market did not have a significant pullback, peaking around May 23 before experiencing a 10,000-point drop and then starting to rebound to retest above 110,000. Currently, from the K-line pattern, there is a probability of forming a double top. Whether the strong daily bullish trend is a trap for the short term still needs observation. After the 4-hour K-line surged, it deviated too far from MA7, indicating a need for correction. Therefore, overall, the short-term bulls should wait for a pullback before re-entering.
For Ethereum's weekly level, it has formed a cross for four consecutive weeks. First, we need to pay attention to whether MA60 can break and stabilize. On the daily level, the K-line is generally in a box structure. In the short term, we can continue to focus on the box, but I believe it is about to reach its conclusion, and breaking the box should happen in the next couple of days. Once it breaks the upper edge, it will return to 3000 USD. Therefore, for breakout trades, you can wait for a break above the upper edge to enter with a light position; if the lower edge breaks, you can also enter.
Bitcoin short-term: Long at 108500-107500
Ethereum short-term: Long at 2580-2550
PS: Try to use the strategy activation only once.
The suggestions are for reference only. Ensure proper risk control when entering the market, and manage your profit and stop-loss space accordingly. Specific strategies should be consulted in real-time.
Alright, friends, we will say goodbye until next time. I wish everyone continued success and smooth sailing in the crypto world! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice on Bitcoin and Ethereum, find Gege.
Written by: I am trader Gege, a friend willing to accompany you in making a comeback.
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