1.5 Weekend Market Thoughts
From the current market perspective, the pace of Bitcoin over the weekend is still relatively slow. The price rebounded to around 99,000 after a mid-night surge on Friday and has since seen a slight pullback for adjustment. The market has been unable to effectively move downward, currently returning to the vicinity of 98,100.
From the 4-hour chart perspective, after a slight rise which faced resistance, it is currently normal for Bitcoin to see a bearish candle for pullback. The moving averages are turning downwards and spreading out, and the MACD volume indicates that bulls have not shown a good release, leading to a slight price decline. In terms of short-term structure, there is still a downward demand for the price. In summary, the strategy for trading Bitcoin should take a high-sell low-buy approach between the resistance and support levels.
It is recommended to target around 98,500-98,800 to look for 97,500-97,000.
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