BTC 4 hours
Bitcoin continued its range-bound trend yesterday, Saturday, so today's market has not changed much from the analysis of the previous day. However, based on the current consolidation, Wolf Brother raised the first support level to $60,500.
If the Bitcoin price forms a large long black candlestick after the shock and fails to make up for the rebound, the possibility of further decline will increase. Therefore, it is more critical to pay attention to whether the price can stabilize at the bottom of the shock box range.
The short-term resistance is first at 61100, followed by 61700. If the price breaks through the first resistance level and stabilizes in this range, Wolf Brother will maintain a short-term bullish view.
Therefore, at present, Brother Wolf regards the first resistance level as a short-term resistance. Once the price breaks through, it is necessary to pay attention to the resistance of the 20-day moving average and analyze it from the perspective of adjustment.
The first support is at 60500 and the second support is at 59250. In intraday trading, the first support level is considered an important support line because it is the low point that is maintained during the consolidation process.
If the price falls below this support line, it may trigger a larger decline. Therefore, I believe that the price may open up the largest downside space after falling below around US$59,000.
However, if the price falls below the bottom of the box range, a short-term rebound around $59,000 may be expected in the medium term, compared with a continued sharp decline.
Therefore, in today's trading, Wolf Brother will continue to maintain a bearish view and conduct mainly short-term trading.
However, if the price breaks through $61,100 today and stabilizes at this level, I will turn bullish. However, this timing is not too late, so I will look at the decline from the perspective of the short-term trend.
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