Master Chen's Hot Topic Discussion:
Today, let's talk about Arizona's impressive bill, SB373. Simply put, the state government can use up to 10% of state fiscal and retirement system public funds to buy Bitcoin or other cryptocurrencies.
Currently, the bill is in the governor's hands, has 5 working days to decide to sign or vbill or veto. So there's still a question mark on whether SB373 will pass, and if vetoed, the legislature would need a two-thirds vote to override, which is quite challenging.
Next is the US GDP data to be announced tomorrow, which will definitely cause market fluctuations. Recently, ETFs have been attracting funds, and market sentiment is slightly warm. But don't get too excited, as BTC's current price is quite awkward, and we need to think calmly.
Why is it awkward? It has been oscillating in a large range for a short time. In the short term, it will likely continuebound to for about ten days before deciding which direction to go. Master Chen makes an assumption: The last major adjustment was horizontal, dragging on for several months from March to October last year. This time, it might adjust vertically, with a steep drop but shorter duration.
How to specifically analyze? From 109,588 to 74,508 was the first wave of adjustment, then rebounding from 74,508 to now. After the reit might drop, how much depends on how strong the rebound was, plus whether there are signals of stabilization on the daily line.
Since the bull market in October last year, every death cross on the daily medium and short-term moving averages has caused BTC to rise about 30%, then pull back, with a pullback of at least 50%, which has happened 5 times.
Now, rising from 74k, it has already increased by 28%, approaching 95-98k. There are a many chips here, with significant pressure. If it pulls back 50%, it would drop to around 85k.
Currently, it's a phase of short to long transition, with moving averages needing to gather first before in the long direction. Simply put, the market is is still finding its path, so don't get blindly excited. ETF funds coming in is good, but that's not enough; you must also pay attention to policies and overall environment.Master Analysis p>'s Resistance Levels:
First Resistance Level: 500
Second Resistance Level: 95000<>Levels:<>:<>:
Instead of using a breakout trading strategy, focus on whether the 120-day moving average and upward stabilize the adjustment range and entering at a lower price and observing if trading volume increases when breaking 95K.
In the short term.,94can be used as support, but it might break under current short-term selling pressure. Therefore, it's recommended to use the 120-day moving day support.
If price holds above the 120-day moving average and closes above it, it will help raise the low point, maintaining a long perspective. You can also use 93.5K and the upline as>
Master Master Chen's Swing Trading Setup: 93000---93 light position, Target: 95000-95500
95000-95500 light position, -94200-93500This content is exclusively planned and and published (Public Account: Chen). For more real-time investment strategies, trading techniques, join Master Chen's community!
