Master Translator Discusses Hot Topics:
Bitcoin has once again silenced the market, like the lights going out on a stage, with the audience holding their breath. The silence of the bulls and bears at the moment is like a silent mourning for this market feast.
The bulls who have been holding on all the way, either "agonized" through the long volatility, or strategically liquidated before the uncertain election, or "took the money and ran" after Trump's unexpected victory. In any case, they were all left behind, leaving only silence and regret.
As for the bears, they have practically become the epitome of tragedy, shorting again and again, only to be blown up again and again; blown up and then shorting again, repeatedly defeated but unwilling to give up. Even with just a little bit of margin left, they stubbornly short again, betting on that moment when "good news is exhausted".
And the result? Another ruthless surge, instantly liquidating them, leaving them with nothing but a fragile heart still silently bleeding. Watching Bitcoin soar away, the bears are speechless, their sorrow overwhelming them, only able to choke back their words.
As the market's famous saying goes: the bears never die, the bull market never ends. The master translator recalls that at the end of 2020, the bears were as stubborn as ever, shorting again and again, only to be blown up again and again, still unwilling to give up.
And so Bitcoin charged forward relentlessly, finally breaking through the $50,000 mark, leaving a trail of feathers. Now, Bitcoin has reached $80,000, has the bull market begun? Perhaps it has, but the market enthusiasm, user activity, and the influx of new retail investors have not yet fully emerged.
Looking back at the market conditions from the end of last year to the first quarter of this year, it was as stable as an old Taoist drinking congee. Because there was spot participation, everyone felt at ease. However, the master translator checked Coinbase and found the premium to be astonishingly high, indicating that futures are in the driver's seat.
The upward trend driven by futures is like a bulldozer, and when it falls, it will be like an avalanche. So I remind everyone to protect your profits, set stop-losses, and retreat while fighting. Don't try to short the top on a minute or hourly basis, that will only make you the market's liquidity provider.
Remember not to short the top! Even if you are bearish, don't short easily unless a clear bearish trend has emerged. Many people "only believe it when they see it", a single piece of good news, and Bitcoin can surge after an 8-month adjustment, shooting up to $80,000 in just four days.
This is the charm of the market, wild like the Wild West gold rush. You ask what we're doing? Holding on to get rich! Is $80,000+ the top? Maybe not yet. But if the market has a few more FOMO days, with the emotional high point coinciding with this Wednesday's CPI good news, there may be a violent crash to wipe out all the retail investors who chased the rally.
Returning to the market, Bitcoin has had the possibility of daily chart divergence in the past few days, and although there are expectations of a decline, it may not happen immediately. The demand for oversold altcoin rebounds is still there, and the risks are expected to gradually emerge this week.
The master translator's target is still $84,000, but as mentioned earlier, when the violent harvest comes, $52,000 is not a dream, just a matter of time. Additionally, Ethereum may fall back below $2,720, but whether it can attack $3,600 is still unclear.
The master translator's previous view of a new daily low for Ethereum is still valid, and after reaching a new low, Ethereum may rebound to $3,600, but there is still the possibility of a new low afterwards. Due to the expected daily chart divergence of Bitcoin and the gradual entry of off-site capital, vigilance is required this week.
Master Translator Looks at the Trend:
Bitcoin continues to hit new highs, and because it is in a new high position, it is difficult to grasp the upside high point, so identifying the psychological resistance area is very important. At this time, it is not advisable to short, but rather to enter long positions in the correction range is more favorable.
Resistance Levels:
First Resistance: $81,400
Second Resistance: $82,000
Support Levels:
First Support: $80,600
Second Support: $79,900
Trading Suggestions for Today:
When the price breaks through the first resistance, you can move the low point up, because after breaking through the resistance, the resistance will become support, and it is recommended to move the low point up and set the risk-reward ratio range.
The favorable liquidation position during the current correction can be set at the first support, and if Bitcoin holds above $81,000, you can enter the market in stages.
Due to the high position, it is not recommended to enter the market when the K-line is bullish, but rather to enter the market in the range of the bearish correction, through staged buying, and increase the position during the pullback to form a more favorable average buying price.
Today, it is recommended to maintain a bullish view on the rebound, with a focus on entering the market in the correction range, as Bitcoin continues to raise its low points, showing a healthy upward trend. Given the unknown high point, it is recommended to take partial profits at the psychological resistance area and gradually accumulate gains.
11.11 Master Translator's Swing Trade Placements:
Long Entry: $80,000-$80,600 Target: $81,400-$82,000
Short Entry: Not Considered
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