Action Guide for August 14, 2024
The MTG address that had been a concern for a long time has moved, but it didn't cause panic in the market. The remaining 30,000 BTC payout is nearing completion. The most likely trigger for a market drop now is the escalation of conflict in the Middle East. Contract traders must control their positions to avoid taking losses due to the war. Those who are dollar-cost averaging can continue to buy gradually at 57,800 and hold with confidence.
Although Trump is known for his provocative statements, his election could give a boost to the crypto market; if not, it could have a negative impact. However, current data shows that his lead isn't as secure anymore, with Harris overtaking him in win probability.
A rate cut in September is almost certain. If tonight’s CPI forecast isn’t significant, the market will likely continue to fluctuate. The current range is 59,500-61,500, with the larger range being 57,800-63,800. The overall range has shifted upwards, with short-term attention on the daily level resistance at 63,300-63,800 for potential short positions. You could gain 2,500-4,000 points with a stop-loss at 64,000, which offers a high probability of success.
The main theme for the next 1-2 months is to expect new highs. Short positions should be taken cautiously, with a focus on risk management. Additionally, keep some capital reserved to handle any sudden negative news to avoid losses due to conflict.
Today’s Trade Levels:
BTC Long Position
Entry: 59,500
Add Position: 58,700
Stop Loss: 58,000
Take Profit: 61,500-63,500
BTC Short Position
Entry: 63,300
Add Position: 63,800
Stop Loss: 64,200
Take Profit: 61,000-59,500