11.2 Is Bitcoin Stopping the Decline and Starting a Bull Market? Or is it Just a Trap?
Yesterday's short-term short position was too aggressive, resulting in losses, and the price began to drop. The direction was correct, but the losses led to panic selling. It is indeed a bit regrettable!
The current price of Bitcoin is 69677, with a daily high of 71650 and a low of 68822. The daily chart shows three large bearish candles, also known as three crows, indicating a continued bearish outlook. The daily MACD shows signs of a death cross but has not formed yet, while the KDJ lines are pointing down. Those with high-position short positions can hold on. Today's support is at 68566, and resistance is around 720.
The 4-hour candlestick chart is starting to steadily rise, but the price is still below the BBI. The Bollinger Bands show a descending channel, with attention on the upper resistance at 70796 MA7 and strong support at 679 EMA120 below. The MACD has been in a death cross state, and the KDJ shows a small golden cross emerging. The 1-hour chart has also started a small rebound, but it is not strong; the main strategy should still focus on high shorts.
Trading Strategy: Short in the range of 706-710, with targets at 693 and 685 (with a stop-loss of 500 points).
Specific operations should be based on real-time market conditions, as the article may have delays. Investing carries risks, please set your stop-loss accordingly.