Master Chen 4.11: Factors behind the rebound and breakthrough of the market. Intraday volatility is still bullish. Master Chen talks about hot topics: First, let’s talk about last night’s CPI data, which was higher than expected, but Wall Street’s financial elites questioned the existence of “oolong” in the US CPI data. The market was affected by this and first plunged downward and then rebounded. Bitcoin fell to $67,518 at its lowest, but quickly rebounded in the morning and broke through $71,000. Let’s take a look at the changes in ETF data: As of yesterday, on April 10, 9 Bitcoin spot ETFs (including Grayscale) had a net reduction of 2,714 BTC, with a net outflow of approximately $187.7 million. Among them, Grayscale reduced its holdings by 4,245 BTC, with a net outflow of approximately $293.6 million, and currently holds 318,452 BTC, equivalent to approximately $22 billion. BlackRock increased its holdings by 1,868 BTC, with a net inflow of approximately $129.2 million, and currently holds 266,102 BTC, equivalent to approximately $18.4 billion. BITB had a net inflow of 24 million US dollars, especially yesterday's spot Bitcoin ETF ARKB had a net inflow of 7 million US dollars.

In addition, I think the current market can be summed up in one word: chaos. Because the Federal Reserve intervened in the market too much, raising interest rates and shrinking the balance sheet to shrink the currency, and using various tools to release and loosen the currency on the other hand.

Since it is chaotic, the relatively certain asset in the market is gold, and the same is true for Bitcoin. However, it has risen a lot in the past six months, and it is normal to adjust when the purchasing power of ETF funds weakens.

Therefore, the first half of the second round of the cycle is likely to be coming to an end. The driving force of the second half is likely to be the Federal Reserve's large-scale release of money to restart the printing press. Only with the demand for excessive money can the market continue to rise.

Master looks at the trend:

BTC:

Last night, due to the Bitcoin CPI exceeding expectations, there was a short-term decline. However, after the bulls overcame the unfavorable factors of CPI, the price has rebounded to above US$71,000.

The reason for the rise in Bitcoin prices is believed to be due to factors such as the purchase of US institutions, the increase in miners' holdings, and the increase in stablecoin trading volume. GBTC outflows decreased, and net inflows from institutional investors increased, so I think the current rise is reasonable.

Because the current price is still above $70,000, I suggest that you wait for a pullback before arranging long positions in the short term.

The 4-hour resistance level can refer to 71370 and 72140.If the price breaks through the first resistance level during the day, the probability of the market retesting $72,000 will increase, which is also an important resistance level for bulls. At present, the trading volume is decreasing during the rise, so the possibility of judging a breakthrough is small, and it is more likely to rise again after adjustment.

The 4-hour support level can refer to 70850 and 70260. If the price remains at the first support level, then there may be an upward range in the short term. Even if it falls below, the master will not immediately turn to a bearish view, but will find a more suitable long-term ambush point in the further decline.

If the market breaks the second support, then it can turn to a bearish view in the short term, and then you can pay attention to the 4-hour rising trend line. In today's trading, since the upward trend is still maintained in the short term, the master personally still maintains a bullish mindset for the time being.

In addition, if you are trading against the trend in the short term, the master recommends ultra-short-term operations. In addition, considering that there may be a sideways consolidation after a sharp rise in the day, the position may also extend the waiting time. So please consider risk management and trade with caution!

ETH: I personally expect Ethereum to continue to hit the 3600-3800 range in the next two days. It also needs to break through and stabilize at the 3800 line to open up more space above. At present, Dogecoin and other altcoins are waiting for the breakthrough and stabilization of 3800 to better open up the space above and make the altcoins have a good trend as a whole.

The intraday support level can focus on the 4-hour level of 3500, and the upper resistance level can focus on 3650 first. It must first break through this position before continuing to break through the previous high.

4.11 Master's short-term pre-buried orders:

In yesterday's article, Bitcoin pre-buried short-term orders near 67800-68200. After the news was announced in the evening. Bitcoin fell to 67500 at the lowest. The market was once pulled up at any time. The long order targets of 69000 to 69400 all reached the stop profit position perfectly before 12 o'clock in the evening.

ETH's long positions around 3450-3490 fell to 3417 at night, and the first target of 3580 was reached late this morning.

BTC:

Long around 69100-69500, target 70500-71300

ETH:

Long around 3420-3460, target 3570-3600

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