$2x Bitcoin Strategy ETF(BITX.US)【Technical Analysis】

From the 4-hour K-line chart, the MA7, 25, and 99 are arranged in a bullish trend, and the rebound from the 63,456 level is quite strong. A rising trend with shrinking volume suggests further gains. The next resistance level is at the 70,000 mark. It might be tested next week, depending on how strong the rebound in U.S. stocks is today.

【News Analysis】

1. Tonight’s Bitcoin conference will feature a speech by Trump. The crypto community has donated a lot of money, and since "he who pays the piper calls the tune," expect some favorable remarks.

2. Regarding the U.S. election, many believe the Democratic Party’s nomination of Kamala Harris could lead to a reversal. However, after a few days of observation, no major Democratic figures have stepped up to endorse her. Harris needs to secure the party’s nomination first.

3. The Mt. Gox repayment issue is now halfway resolved. This negative factor is having a diminishing impact on Bitcoin.

4. Continued inflows into ETFs indicate that capital is already bottom-fishing, and a significant amount at that. However, keep an eye on Grayscale’s selling pressure on Ethereum and its potential impact on the broader market. Personally, I believe Ethereum’s selling pressure has a weakening effect on Bitcoin, but altcoins might be a different story.

【Recommendation】

If you’ve already accumulated positions at the bottom, hold and ride the uptrend. If you haven’t entered yet, forget it—go find something else to do. You didn’t buy at 54,000 or 64,000, so are you waiting to catch the knife at 74,000? As always, even if you’re bearish, don’t rush to short. If you’re trading futures, beware of stop-loss hunting.

【Trading Tip】

Bear markets often see sharp rallies, while bull markets see sharp dips. Rapid drops followed by slow rises are usually shakeouts.