BTC market analysis
Yesterday's market idea was to look for lows to go long, and we emphasized the importance of the key position of 63,500. Once it falls below, the market may pull back to around 62,000. The price did fall to 62,300 last night, but then there was a strong rebound of more than 3,000 points. However, we regard this wave of rebound as an oversold rebound. From the overall structure, the market has fallen below the previous support range, and the trend has obviously reversed. The best strategy for the current rebound is to go short.
There are currently two possibilities for the main direction of the market: one is that a correction is underway to the 53,300-70,000 wave of increases, and the second is that the increase has ended, and the market may enter a shock decline and eventually form a new low, entering a small bear market. Considering these two possibilities, today's strategy is to seize the opportunity to go long on the pullback, while setting up short orders at high levels to flexibly respond to market changes.
