The fundamental of trade is survival, followed by profit. I hope you can understand. I am a scholar in the cryptocurrency industry, always protecting retail investors. I wish my fans financial freedom in 2024, let's work hard together!
Cryptocurrency academician: Analysis and reference of the latest bitcoin (BTC) market on 23rd August, 2024.
As of the time of writing, the current price of bitcoin is 60,600. The highest point of the daily candlestick is currently 60,960, and the lowest point is 60,300. The candlestick is blocked by the Fibonacci retracement level of 0.618, which is the resistance in the range of 61,800 to 62,000. Therefore, the bulls can only reluctantly exit here. There were three consecutive entry points: 57,000 on the 16th, taking a space of 4,500 points until 61,500; 58,200 on the 19th, taking a space of 3,300 points until 61,500; and 60,000 to 61,300 yesterday, taking a space of 1,300 points. The total space taken is 9,100 points. Regardless of how many trading strategies are provided, there are still many people holding on to short positions without stop loss, and this is the consequence of not using stop loss.
At present, there are two waves of volatility in the market. Above 65,000, there are still many people waiting for the rally, while below 57,000, there are people waiting for the pullback. When the chips show a one-sided trend, the block orders will start a new round of liquidation. Therefore, the most appropriate strategy at present is to do short-term trades with profit taking and stop-loss. Friday is here, so pay attention to the resistance point above and be prepared for both long and short positions on the high point and low point.
Short-term strategy:
Short at 61,800 and 62,000, with a stop loss of 500 points. The target is to watch the range of 60,500 to 61,000, and if it breaks below, exit at 60,000.
Buy between 60000 and 59800, set stop loss at 500 points, target is 60800 to 61300, exit if broken to 61800.
For specific operations, refer to real-time market data. For more details, please consult the author for news information. Published articles may have delays and are suggested for reference only. Proceed at your own risk.
This article is exclusively provided by the academician of the cryptocurrency industry and represents the academician's exclusive viewpoint. There is in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above views and suggestions are not real-time and are for reference only. Proceed at your own risk. If reposted, please indicate the source. Control your position reasonably when trading, and avoid heavy or full positions. The academician also hopes that investors understand that the market is always right. If you make mistakes, reflect on where you went wrong and don't let potential profits slip away. It is not necessary to be smarter than the market when investing. When the trend comes, follow it; when there is no trend, observe and be patient. When the trend finally becomes clear, it is not too late to take action. Tomorrow's success comes from today's choices. Hard work is rewarded by nature, goodness is rewarded by the earth, sincerity is rewarded by people, trust is rewarded by business, precision is rewarded by profession, and passion is rewarded by art. Gains and losses happen inadvertently. Develop the habit of strictly setting stop loss and take profit levels for each trade. Cryptocurrency academicians wish you a pleasant investment journey!