BTC's oversold rebound last night was extremely fierce, almost recovering the previous day's decline. It is currently rebounding to test the overlap area of the lower edge of the channel and the previous resistance exchange position near 99500. Usually there will not be a big fluctuation on weekends. It is likely that after the rebound test, it will fluctuate between 9w4-9w8 in the next two days. Judging from the volume of the bottom rebound, the spot acceptance capacity has been released, which is a good thing for the future bulls' upward attack.
Another perspective is the funding rate. At present, the funding rates of major exchanges have gradually begun to decrease, and some have even become negative. This shows that the long positions in the contract market are gradually resuming their positions, and the short positions are gradually beginning to intervene. This part of the short positions includes some hedging short orders. It should be noted that when the negative premium difference is too large, these short positions will provide support for future pull-ups.
Several positions to pay attention to
Support position
First position 95970
Second position 94666-94000
Third position 93000-92333
Resistance position
First position 99400-99700
Second position 100382
Third position 102282-102958
Trading should be done in accordance with the trend, riding the big waves and avoiding the small ones. When a trend comes, get ready to ride the tailwind; be flexible in turning when the trend reverses. Resisting the trend is like trying to stop a car with an insect's arm, disrupting your mindset and trading rhythm.
At night, as US stocks fluctuate, if there is too much volatility, friends should remember to take profits frequently and decisively cut losses; holding onto positions is meaningless.
If you have any interpretations of the market for other cryptocurrencies or questions about trading, feel free to leave comments.
Personal opinion, please read rationally. Not investment advice.
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