Market Review

Bitcoin fell back after coming under pressure at the 70,000 mark on Wednesday, and its short-term pattern remains weak. The market focus this week is on the key support level of 64,500. If the lower track fails to break through effectively, the price may rebound to the short-term moving average and the counter-pressure area of ​​the previous channel.

technical analysis

Daily chart

  • Trend: The short-term trend is weak and prices are falling.

  • Key Support: $64,500 is an important support level.

  • Key resistance: $67,300 is a strong short-term resistance level. If it breaks through, it will continue to test the middle track of $68,500.

  • Strategy: It is expected that the fluctuation in the range of 64500-67300 will continue for 2-3 trading days, with a focus on the support strength of 64500.

Four-hour chart

  • Bollinger Bands: The price is running at the lower band of the Bollinger Bands. If it does not break through the lower band, it may rebound to the middle band.

  • Support and Resistance: The upper resistance is at $67,300 and the lower support is at $64,500.

  • Attached chart indicators: MACD is in the short position, but the fast and slow lines are close to the bottom, and there is a possibility of forming a golden cross, showing a certain rebound potential.

One-hour chart

  • Bollinger Bands: The Bollinger Bands opening is narrowing, indicating a volatile market.

  • Support and Resistance: Short-term support is at $65,000 and short-term resistance is at $67,300.

  • Strategy: It is recommended to sell high and buy low, and operate in the short term.

Recommendations

Daily level operation suggestions

  • Short-term short order: short around 67300, stop loss at 68000, target at 65000.

  • Short-term long orders: go long around 64500, stop loss at 64000, target at 67000.

Four-hour level operation suggestions

  • Short on rebound: short in the 67000-67300 range, stop loss at 67800, target at 66000.

  • Support long: go long in the 64500-65000 range, stop loss at 64000, target at 66500.

One-hour level operation suggestions

  • Short-term short order: short around 67300, stop loss at 67800, target at 65500.

  • Short-term long orders: go long around 64500, stop loss at 64000, target at 67000.

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