Copy Trading Master’s Winning Strategies Review — Episode 21
Easy Follow, Smart Trade! Discover the winning strategies of our popular traders.
- Copy Trading Master’s Introduction
User Nickname: Online
Trader’s Profile: https://www.lbank.com/zh-TW/copy-trading/lead-trader/?id=LBA3D77455
Trading Style: Swing Trading
2. Trade Operation Recap
Long ETHUSDT with 50x leverage in cross mode (medium-to-long term trading), opening at 2429.02 USDT, closing at 2530.17 USDT, achieving a profit of +208.21%. See the chart below:
3. Trade Review
3.1 Market Background
On December 19th, the SEC’s Office of Market Supervision and Division of Trading and Markets once again met with BlackRock executives to discuss the details of the proposed Bitcoin spot ETF.
On January 3, 2024, investment bank TD Cowen stated that the SEC is expected to approve a Bitcoin spot ETF by January 10th, due to political reasons.
On January 10th, the SEC’s official Twitter account announced the approval of all 12 Bitcoin ETF spot proposals. However, minutes later, SEC Chairman Gary Gensler denied the tweet, stating it was a result of a hack and the information regarding the approval of the Bitcoin spot ETFs was false.
On January 11th (Asian time), according to the SEC’s official website, a statement from SEC Chairman Gary Gensler confirmed the approval of some Bitcoin ETPs (including ETFs) for listing and trading.
On January 11th, it was reported that the SEC will decide on five Ethereum spot ETFs by the end of May. Decisions on Blackrock’s iShares Ethereum Trust and Fidelity’s Ethereum Fund will be made by January 21st and 25th, with the possibility of a final decision by August.
3.2 Trade Analysis
From January 2nd to January 16th, the Bitcoin daily chart showed a quick rise followed by a decline and oscillation at the bottom of the range, as shown below:
On the daily chart, BTC rose to around $49,000 before facing resistance and quickly retreating to a low of $41,400.
On January 2nd, amid rumors of the earliest approval of a Bitcoin spot ETF on January 5th, the crypto market surged. With Ethereum nearing its 2023 high of $2450, a long position was initiated.
On January 11th, the Bitcoin ETF was approved by the SEC and started trading. With the launch of GBTC, IBIT, and other Bitcoin ETFs, the crypto market saw an overall decline. The U.S. traditional securities market became the anchor for Bitcoin’s price trajectory.
Since October 2023, the hype around “Bitcoin spot ETFs” has ended. The crypto market is now expected to revolve around “BTC halving in April” and “Ethereum spot ETFs in May.” In the short term, the market is likely to remain volatile.
On January 16th, after the market stabilized from the GBTC’s sell-off, a rebound began. On the 4-hour chart, ETH was sold off when it rebounded near the middle band of the BOLL indicator.
3.3 Winning Strategies Summary
In swing trading, timely profit-taking is essential.
Note: Personal opinion, for reference only. Opportunities and risks abound, always do your research before investing.
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