August 31st: Bitcoin range oscillation brewing big market, looking forward to the rise and fall next week~
BTC/Daily Chart
At the daily level of Bitcoin, after a sharp decline, it will enter a period of oscillation and brew again. Then 57700 is still the key adjustment support this week, and it is also the top and bottom conversion point in the early stage. At the same time, the resistance is 61000, which was only pierced yesterday and did not stand on it. Therefore, pay attention to the consolidation process in the range of 57700~61000 today or early next week. In addition, the short trend has not changed in the short term.
BTC/4H chart
Bitcoin 4h level, the price bottomed out at 57700 in the early morning today and rebounded for the first time. After several hours of early trading, the K-line rose slightly. As shown in the figure, it can be seen that yesterday it supported the 60000 mark and pressed hard at the 61000 line. These positions are relatively critical. Only if it breaks through 60000, it can strengthen again to test 61000 and above. On the contrary, only if it loses 57700, it can exaggerate the need for adjustment and decline. If neither of them breaks effectively, it will fall into repeated consolidation in the range.
Strategy 1: It is recommended to short in batches at 59400~59800, stop loss 400 points, and target around 58500~58000
The above is personal advice, for reference only, investment is risky, and trading should be cautious
