This year, as the United States unexpectedly passed the review of ETFs of Bitcoin and Ethereum, the cryptocurrency market also ushered in a new round of quotations. However, driven by positive factors such as halving, BTC itself has not performed well in the past quarter. After setting a new record high, the price has basically remained in the range of 60,000 to 70,000 US dollars and fluctuated sharply.
The good news is that the market cannot stay sideways forever, and such a breakthrough is expected soon.
Mode 1: Ready to go, make a rapid breakthrough
For the Bitcoin, the relatively large consensus is still that the bull market is not over, so the difference may lie in the form in which the correction is ended. After the BTC price broke through the 60,000 mark, it has completed a completed zigzag ABC correction. Meanwhile, the rally since May has kicked off the first wave of a new rally. If this assumption is true, coupled with the reference of trend line suppression, after the current currency price falls slightly, it should quickly break through and set a new high again.
In terms of time, progress is bound to be made before the end of June. Therefore, as long as we observe whether we can see new highs in all the next 3 weeks, we can judge whether the situation of Mode 1 can be realized. In addition, referring to the trend of gold in the first quarter of this year, we tend to believe that when the currency price breaks through, there will be a wave of accelerated rise. Under this logic, buying call options may be a good choice.
Option 2: Another test, a big platform correction
The second mode will be a replica of the March-June market: the impact of 70,000 cannot stand firm, thus launching another round of C wave downward, and completing a platform consolidation close to the previous low point. This model will be similar to the decline of gold in the first quarter of this year, but in terms of time span, gold only ended its adjustment in about one quarter at that time, but the Bitcoin is likely to exhaust the summer market.
In terms of price, if the position of 65500 falls below, it will imply a signal that the above possibility has increased significantly.
Hopeful, but prepared for the worst
From a trader's point of view, the first fast breakthrough is of course the best option, because after all, it has been settled for a relatively long time. At the same time, I am personally more inclined to the 6: 4 opening situation, and it is more optimistic for the bulls to break through and suppress. But as stated before, speed is key, and the rest of the month cannot be delayed.
And if the market chooses to wash again in the end, there is no need to be too discouraged. After all, the general direction is certain. Whether it is to increase positions in the second dip, or investors who have been short before, they can participate more confidently.
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