The Arizona BTC Strategic Reserve Act has been passed, making it the first state to recognize the status of crypto assets. Although the purchasing power of one state is not sufficient to influence price trends, the symbolic meaning is greater than the actual significance. Where there is one, there will be a second!
The liquidation map shows that if the price breaks through 97,500, nearly 1.5 billion USD in short positions will be liquidated, and if it falls below 90,000, over 2 billion USD in long positions will be liquidated! The competition between long and short is intense!
During the day, a short position strategy was given, and I made a small profit and exited. The crypto reserve act has made me doubt that the price will rise again, although the technical analysis shows a strong demand for a pullback, the market is being firmly supported and is not falling. Bitcoin has maintained a consolidation around 95, while Ethereum is consolidating above 1800! For the evening operations, Conan still recommends focusing on high-level short positions, with some long positions on pullbacks! The resistance levels to watch are 95,500, 96,000, 97,000, 98,000, and 99,500. The support levels to watch are 92,700, 91,600, 90,500, 89,000, and 87,000.
April 29 Bitcoin evening and early morning trading strategy: Aggressive traders can enter short positions between 95,300-95,800, with a stop loss above 96,000. If it breaks strongly above 96,000, then enter between 96,500-97,000 with a stop loss near 98,000, targeting around 94,500-94,000-96,000-92,700. If it breaks, look for around 92,000-91,600; if it breaks, assess the situation further!
April 29 Ethereum evening and early morning trading strategy: Enter short positions on a rebound at 1,830-1,850, with a stop loss near 1,880, targeting around 1,800-1,770-1,750. If it breaks, look for around 1,720-1,700; if it breaks, hold and assess the situation!
Long position strategy: Enter long positions at 91,600-92,000, with a stop loss near 91,000, targeting around 92,500-93,000-93,500; if it breaks, look for around 94,000-94,500.
For Ethereum, consider entering at 1,720-1,740, with a stop loss near 1,680, targeting around 1,770-1,800; if it breaks, look for around 1,820-1,840.
The market's expectations for a Federal Reserve rate cut have decreased again, and the situation in India and Pakistan has escalated. Although currently, the funds are intervening to support the price and it is not falling, the degree of correction is not enough. Therefore, everyone should be cautious about chasing the rise, as we are currently in a range-bound oscillation trend. Pullback entries for long positions can continually move the stop loss to protect profits!