Bitcoin and Ethereum Retest Lows: Is it Time to Buy the Dip?The new week has begun, and on Friday, Bitcoin broke through 55,500, surging to 56,800, bringing us handsome profits. Ethereum also performed exceptionally well, climbing from 2,340 to 2,409, allowing us to successfully close our positions for profits
Bitcoin and Ethereum Retest Lows: Is it Time to Buy the Dip?
The new week has begun, and on Friday, Bitcoin broke through 55,500, surging to 56,800, bringing us handsome profits. Ethereum also performed exceptionally well, climbing from 2,340 to 2,409, allowing us to successfully close our positions for profits. There were minor fluctuations in the market over the weekend, so we didn't update our strategy in time. Today, let's analyze the latest movements of Bitcoin and Ethereum in detail and provide specific trading strategies.
Ethereum Retest Lows: A Buying Opportunity?
On September 7, Ethereum bounced back after hitting the 2,150 support level again. The daily chart shows two consecutive green candlesticks, and the KDJ indicator has formed a golden cross and is expanding upwards, indicating a strong buy signal. The four-hour chart shows that Ethereum has also broken through the middle band of the Bollinger Bands, further confirming the rebound trend.
Currently, Ethereum is trading around 2,290, a level with some support. You can consider entering long positions. It's recommended to enter at 2,290, with a small buy-in around 2,260. If the price breaks below 2,210, exit immediately. If the price stabilizes above 2,330, you can consider adding to your position.
The resistance levels are 2,390, 2,465, 2,525, and 2,550. It's suggested to reduce your position gradually as you reach the target price levels. After reaching the first target price level, move your stop-loss to 5-10 points below the next target price level, which will maximize your profits.
Specific Strategy:
- Enter long positions at 2,290, set a stop-loss at 2,210, with target price levels at 2,390 - 2,465 - 2,525 - 2,550.
- Reduce your position after reaching the first target price level, and move your stop-loss to 5-10 points below the first target price level after reaching the second target price level.
Bitcoin Retest Low: A Buying Opportunity?
Bitcoin's trend is similar to Ethereum's. The current price is around 54,755. It's recommended to directly enter long positions. Pay attention to the following key support and resistance levels:
- Support levels: 53,800, 52,900.
- Resistance levels: 55,300, 56,297, 58,816, 59,500.
You can consider adding to your position if the price stabilizes above 55,300 (at least close above 55,300 on the hourly chart). Take profit gradually as you reach the target price levels.
Specific Strategy:
- Enter long positions at 54,755, with target price levels at 55,500 - 56,297 - 58,816 - 59,500.
- Reduce your position after reaching the first target price, and move your stop-loss to 50-100 points below the first target price level after reaching the second target price level.
The Importance of Moving Stop-Loss
Moving your stop-loss is an essential method to ensure profits. It effectively locks in profits and avoids turning wins into losses. When the price reaches the target price level, promptly move your stop-loss to below the target price level. This ensures that even if the price experiences a minor pullback, you can still profit.
Conclusion
Bitcoin and Ethereum are both in a retest low phase, and now may be a good opportunity to buy the dip. However, investing involves risks. Please be cautious when entering the market. Before trading, make sure you have a thorough risk management plan and strictly execute your stop-loss strategy to minimize risks.
Disclaimer: This content is for informational purposes only and should not be considered investment advice. Investing involves risk. Please proceed with caution.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
