Bitcoin's short-term trend is still downward
At present, Bitcoin is still showing a downward trend in the short-term level and oscillating in a descending wedge. In this case, we maintain a short-term bearish view and closely observe the trend line transition at the end of the candlestick chart to look for opportunities to rebound and go long.
However, the most worrying issue in the current market is the selling pressure caused by Mt. Gox. Even if prices fall in the short term, market demand must be supported in order to maintain the long-term bullish outlook. Therefore, we will also pay attention to the inflow and outflow of institutional funds.
The first resistance of the day is at 63300, and the second resistance is at 63760. It is worth noting that there is an overlapping area near the first and second resistance levels, so when the price approaches the first resistance, a short-term directional adjustment can be considered.
If today's market breaks through the first resistance with a long positive line, it may break through the downward trend line faster than expected. At this time, we will turn to a bullish mindset.
The first support for the day is at 62550, and the second support is at 62000. If the short-term price falls below the first support, it will open a downward channel to 62000. However, we can regard the first support as an important support point and look for opportunities to rebound and go long in this range.
In today's trading, considering the possibility of sideways consolidation over the weekend, we can regard the first support and first resistance as a short-term box range for trading.
If the bearish trend strengthens, we can take short positions in the rebound area and layout rebound opportunities near the first support.
The bull market is coming, spot and contract carnival feast! Roll funds together, stock up on bull market spot, and share the wealth feast! Nod and follow me, the bull market strategy deployment is revealed, so you can easily master the wealth code! Recruiting fans, I need you, you also need me, don’t be a runner-up in the bull market, let’s revel in the warehouse together! Refuse to be a heavy-weight god, steady investment is the kingly way!
If you think Boshi’s views are okay, you can click on the avatar to follow Boshi. Thank you for reading. Finally, what Boshi wants to say is that there are still many things that have not been expressed, and you can’t understand everything through just one article. You can continue to follow Boshi, and let us create brilliance together in the new round of bull market!
