BTC key battlefield! Stabilize 59700, break through 60500 and bulls will make more efforts!
Yesterday, BTC hit 61000 and began to slowly fall back. In the early morning, I posted a post saying that 60500 is the watershed between long and short. Now after breaking below 60500 in the morning, the price is supported on the 388 moving average below (around 59700). The possibility of breaking through and continuing to fall has been tested many times, indicating that the support strength is not bad at this time. If it successfully breaks below 59700 and continues to fall, the upper boundary of the consolidation area below is the support position of 59000.
Observing the 4-hour K-line chart, the fast and slow lines of macd are all above the zero axis, indicating that the general trend is still bullish. And it has received good support on the 388 moving average. So the current operation ideas can be considered more first. If you open a long order near the 388 moving average, stop loss below the 388 moving average, try to reduce your position near 60500, and then add positions after it stabilizes at 60500 to reduce risks.
The current market is suppressed by 60500, and the upward movement is blocked. It is temporarily consolidating in the range of 59700-60500. I think this consolidation is the market accumulating strength and looking for another opportunity to continue to break upward. Friends who don’t have orders on hand, the current position is very different, and it is easy to be killed by both long and short. You can wait for the breakthrough to stabilize at 60500 before entering a long order, and the stop loss is placed at 60000-60200. After all, the trend has not yet fallen below the nearby key points. Unless it falls below 59000, I will continue to maintain a bullish idea.
