Bitcoin 4-hour level analysis and operation suggestions
Technical Analysis Review
Bitcoin shows continued small fluctuations on the 4-hour chart, which is consistent with the upward trend characteristics in Dow Theory, but we need to be wary of the possible formation of a small double top pattern.
Key observation points
25EMA support level: Currently 25EMA serves as a support level. If the price pulls back to this level, you can consider buying and going long.
EMA Golden Cross Pattern: Expect the 25EMA to form a golden cross with other EMAs, which could be a signal for further gains.
Support and resistance exchange zone: The 25EMA is regarded as a support and resistance exchange zone, and it has been tested many times above the channel, indicating its importance.
Recommendations
Pullback buying strategy: wait for the price to pull back to around the 4-hour 25EMA as an entry point for long positions.
EMA golden cross confirmation: After confirming that the 25EMA forms a golden cross with other EMAs, you can consider increasing your position or further establishing long orders.
Breakout reversal layout: If the price breaks through the upper part of the channel and forms a reversal signal, you can consider establishing a long position in this area.
Technical forms and warnings
On the 1-hour level, one needs to be wary of a double top pattern as this pattern often suggests a possible downtrend.
Key Observations and Operational Strategies
Double Top Pattern Alert: Watch out for a possible double top forming on the 1-hour chart, which is a reversal signal and suggests a possible downtrend.
Long order layout area: In the $62,300 to $62,200 area, this area serves as the neckline support and resistance price, so you can consider making short-term long order layout.
Support and resistance level confirmation: As long as the price does not break below this area, it can be considered as an opportunity to buy on dips.
Double top confirmed downside target: If the double top pattern is confirmed, a decline of approximately 1.8% could be expected, with a target around $61,200.
July 2, 2024 Ultra-short-term entry point suggestions
To help you scalp trade the Bitcoin market, here are a few potential entry points and related suggestions:
① Go long around $61,200
Stop loss: $60,700
Target price: $62,000~62,400
② Go long around $60,600
Stop loss: $60,100
Target price: $61,200~$61,900
③ Go long around $62,300~62,200
Stop loss: $61,800
Target price: $63,000~63,600
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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