The difficulty of trading lies in adaptability, control, execution, and mastering your emotions.
Hello everyone, I am trader Gege. Continuing from the last article, I just mentioned the phrase 'seven turns', and didn't expect it to come true so quickly. Bitcoin has strongly hit a historical new high, and I've been doing well lately, closely following the market for operations (feedback on operations can't be seen here, but can be seen in other locations), which is why the article has not been updated for a while. The weekly K-line will be closing soon, so here's a brief technical update. Next week is the 'Crypto Week' in the US House of Representatives (July 14 - July 20), so be cautious of unexpected market movements.
To get back to the point, I actually took a look at the technical aspects, and the feedback from the main chart and auxiliary indicators is generally strong. There isn't much to interpret regarding the indicators. Bitcoin has surged strongly after a period of high-level consolidation, starting from the 108000 level to the current high point, with an increase of over 10,000 USD. There hasn't been a significant pullback during this period. As technical analysts know, a healthy trend must be accompanied by pullbacks to last long. A one-sided upward trend will also experience sharp drops to facilitate its continuation, which is normal. However, for Bitcoin's current price, perhaps 10,000 USD is just a minor trend, and a proper pullback may not be timely.
In simple terms, I personally think that the next key points to pay attention to are the 123000 and 131000 levels when the market breaks through the previous high and reaches a historical new high. You can wait for pullbacks around these two prices. Short-term support can be paid attention to at the 117000-116500 level, and try to follow the trend for operations. If you successfully touch the top against the trend, that would be great, but at this stage, it's better to observe more.
Before, when Bitcoin was still within the previous range, I mentioned in my earlier article that once it breaks through the 2700 level, it will continue, and the market has indeed met expectations. Currently, looking at the larger Fibonacci level, the 61.8% corresponds to a price around 3050, so this can be seen as a dividing line for the short term. Once it breaks and stabilizes above, it will continue to test the next resistance levels (3350, 3430, even 3520), so pay close attention to the 61.8% level. Below, short-term support is at the 2950-2920 level, followed by the 2820-2850 level. Today's article will not write specific strategies but will provide a reference thought process. A one-sided market can be exciting but also easily lead to confusion. Don't let the fear of missing out on strong upward movements cloud your judgment; approach it rationally.
The suggestions are for reference only. Make sure to manage risk when entering the market, and balance profit and stop-loss spaces yourself. Specific strategies should be consulted based on the live situation.
Alright, friends, we will see you next time. I wish everyone better and better in the cryptocurrency world, with a bright future ahead! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice on Bitcoin, find me.
Text/ I am trader Gege, a friend willing to accompany you in your resurgence.
