Market Review
After a narrow range of fluctuations on the daily chart, Bitcoin rose to 62400 as expected and then fell under pressure. Those who followed Qinchuan's layout and shorted at 62300 yesterday have now made a profit of nearly 700 points. Conservative investors can choose to lock in profits, while aggressive investors can continue to hold and observe the subsequent downward space.
technical analysis
Daily chart
Trend: The upward price resistance level continues to move downward, and the current focus is on the 62600-62900 resistance range.
Resistance: 62600-62900.
Support: 61400.
Four-hour chart
Bollinger Bands: The three lines begin to narrow, and the price will continue to fluctuate around the range.
High pressure: around 62,300.
Support: 61200. If it falls below, it will open up new downward space.
One-hour chart
Trend: The price is entering an ascending channel of Bollinger Bands.
Operating range: 60000-62700.
Key support: 61400.
Recommendations
Robust Strategy
Short on rebound: Place short orders in the 62600-62900 range, target 61400, and set stop loss at 63100.
Aggressive Strategy
Holding short positions: Those who shorted at 62,300 yesterday can continue to hold. If it breaks through 61,400, they can continue to hold and look for downside space.
Summarize
Bitcoin is showing a volatile downward trend in the short term. Investors are advised to pay attention to short-selling opportunities after the rebound to ensure the robustness and effectiveness of trading strategies. Conservative investors can choose to arrange short orders near key resistance levels, while aggressive investors can continue to hold existing short orders and pay attention to the subsequent support level breakout.
