As of today, the price of Bitcoin (BTC) has fallen by nearly 2% in a day, falling below $94,000, and the short-term correction pressure is significant. However, in the medium and long term, multiple factors still support the bull market trend of Bitcoin.
Macroeconomic and policy environment:
Expectations of the Fed's rate cut: The market generally expects that the rate cut cycle will start in the second half of 2024. The loose policy may drive funds into risky assets. Bitcoin, as "digital gold", has both safe-haven and risky asset attributes.
Regulatory dynamics: The progress of the US SEC's approval of Bitcoin ETFs and the implementation of the EU MiCA Act have cleared obstacles for institutional participation, but may also cause short-term fluctuations due to policy tightening.
-Support level: $90,000-92,000 (recent low and psychological barrier); if it falls below, it may trigger stop-loss orders and go down to $85,000.
Resistance level: $98,000-100,000 (previous high and round number psychological barrier); after breaking through, it may challenge $105,000.
Pattern signal: The daily level forms a "double top" prototype. If it is confirmed to fall below the neckline (US$92,000), it may trigger a deeper correction; on the contrary, if it stands at US$95,000, it is expected to continue the upward trend.
Short-term strategy:
Range operation: The current price is around $95,000. It is recommended to buy low and sell high in the range of $92,000-96,000.
Long order: Enter the market around $92,000, stop loss at $89,500, target $96,000-98,000.
Short order: Try shorting with a light position above $96,000, stop loss at $98,500, target $92,000-90,000.
Breakout strategy: If it stands at $98,000, it can be chased to $102,000; if it falls below $90,000, it will be shorted to $85,000.
Macroeconomic and policy environment:
Expectations of the Fed's rate cut: The market generally expects that the rate cut cycle will start in the second half of 2024. The loose policy may drive funds into risky assets. Bitcoin, as "digital gold", has both safe-haven and risky asset attributes.
Regulatory dynamics: The progress of the US SEC's approval of Bitcoin ETFs and the implementation of the EU MiCA Act have cleared obstacles for institutional participation, but may also cause short-term fluctuations due to policy tightening.
-Support level: $90,000-92,000 (recent low and psychological barrier); if it falls below, it may trigger stop-loss orders and go down to $85,000.
Resistance level: $98,000-100,000 (previous high and round number psychological barrier); after breaking through, it may challenge $105,000.
Pattern signal: The daily level forms a "double top" prototype. If it is confirmed to fall below the neckline (US$92,000), it may trigger a deeper correction; on the contrary, if it stands at US$95,000, it is expected to continue the upward trend.
Short-term strategy:
Range operation: The current price is around $95,000. It is recommended to buy low and sell high in the range of $92,000-96,000.
Long order: Enter the market around $92,000, stop loss at $89,500, target $96,000-98,000.
Short order: Try shorting with a light position above $96,000, stop loss at $98,500, target $92,000-90,000.
Breakout strategy: If it stands at $98,000, it can be chased to $102,000; if it falls below $90,000, it will be shorted to $85,000.
Trade active
The bull market of gold is still strong. I suggest you not to trade blindly if you are confused about the market. You can click the link to discuss with me. I hope my analysis will be helpful to you.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.