Copy Trading Master’s Winning Strategies Review — Episode 24
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
- Trade Operation Recap
Long CFXUSDT with 20x leverage in cross mode (medium-to-long term trading), opening at 0.1902 USDT, closing at 0.203 USDT, achieving a profit of +134.59%. See the chart below:
3. Trade Review
3.1 Market Background
On January 11, 2024 (Asia time), according to the SEC official website, Gary Gensler, the Chairman of the U.S. SEC, issued a personally signed statement approving the listing and trading of certain Bitcoin spot ETPs (including ETFs).
On January 23, a new court document revealed that FTX’s sister company, Alameda Research, dropped its lawsuit against Grayscale Investments after converting its flagship trust product into an Exchange Traded Fund (ETF).
According to private data reviewed by CoinDesk and information from two insiders, since January 11, FTX’s bankruptcy liquidation department has sold 22 million shares of GBTC trust, reducing FTX’s GBTC holdings to zero (valued at nearly $1 billion).
With FTX’s GBTC holdings cleared to zero, the short-term cryptocurrency market experienced a rebound.
On January 26, data released by the U.S. Department of Commerce showed that the US real GDP for the fourth quarter grew at an annualized rate of 3.3%, a slowdown from the previous quarter’s 4.9% but far exceeding the market expectation of 2%.
Additionally, on Thursday, February 1, Federal Reserve Chairman Powell stated that the Fed might wait until after March to cut interest rates, expecting three rate cuts this year, lower than the market’s expectations. On Friday, February 2, the U.S. added 353,000 non-farm jobs in January, nearly twice the analysts’ expected increase, marking the largest monthly increase in a year. The employment figures for the previous two months were revised up by a total of 126,000; the unemployment rate remained stable at 3.7%.
3.2 Trade Analysis
From January 26 to February 5, the Bitcoin daily chart showed rapid rises followed by consolidation and wide oscillations as below:
On the daily chart, after BTC surged to around $49,000 on January 12, it quickly fell to a low of $38,500. Subsequently, the market initiated a rebound rally after an oversold condition.
On January 26, CFX led the market in starting to rise. A buying position was opened when the price crossed the BOLL midline and approached the upper shelf. Afterwards, the cryptocurrency market stabilized, and the market began to rebound. On the 4-hour chart, when the CFX price rebounded to around $0.25, the price gradually fell. After forming a head and shoulders pattern, the price broke below $0.22. There was a rebound thereafter, but it could never sustain above the $0.22 mark. Subsequently, positions were closed. As shown in the chart:
3.3 Winning Strategies Summary
Swing trading requires timely profit-taking.
Note: Personal opinion, for reference only. Opportunities and risks abound, always do your research before investing.
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