Market Review
Bitcoin broke again yesterday, hitting a new low since March. After the price touched around 53,480, sentiment improved slightly and rebounded to around 57,000.
technical analysis
Hourly chart
Signs of reversal: On the hourly chart, the market shows signs of reversal, with strong pressure from above.
RSI indicator: RSI is close to the oversold zone, but has not entered the extreme oversold state.
Daily chart
EMA moving average: The short- and medium-term moving averages show a bearish trend and may continue to fall.
Key Resistance: The upper resistance area is 58,800. If the rebound fails to break through the 57,800 and 58,800 areas, the price may fall again.
Short-term trend: The market may enter consolidation at the weekend, and the overall idea is still to maintain a high-altitude position.
Key Location
Upper resistance: 57800, 58800
Support below: 53500
Recommendations
Short order layout
Entry point: Enter short positions when it rebounds to the 57400-57800 range.
Defense point: 59000
Stop loss: 59300
Target point: 56000-55500 area. If 55500 is broken, you can continue to hold.
Robust Strategy
Short position: Pay attention to the key position of 57,800. If it rebounds to this area and fails to break through, consider entering a short position.
Support focus: Pay attention to the support below 53500. If the price touches and rebounds, you can go long in the short term.
Summarize
Bitcoin has been volatile recently, so investors should be cautious. Investors should focus on the breakthrough of 57,800 and 58,800 above, maintain a high-altitude mindset, and flexibly adjust strategies to ensure the robustness and security of transactions.
