Bitcoin has currently experienced a small rebound, forming an upward channel in the short term. Although expectations of rate cuts have weakened, around 61,000 remains a support level.
However, considering that there is no strong rebound after the sharp decline, Boshi believes that the risk of decline cannot be ruled out. In the short-term market, if the price breaks through the upper edge of the rising channel, Boshi will maintain the view of short-term rebound. But once it falls below the lower edge of the rising channel, it may form a bear flag pattern, and I will turn to bearish thinking.
The intraday pressure is at 61800 and 62200. We need to pay attention to the resistance near the 20-day moving average and 61500. The market is expected to fluctuate in the rising channel, so a short-selling strategy can be adopted in the pressure range. The first support is at 61130 and the second support is at 60600. If the price approaches the first support, there may be a short-term rebound, but the psychological support of 61000 is crucial.
Today, you can observe the price fluctuations of the K-line in the rising channel and adjust your positions flexibly. You can keep a bullish mindset for now, and turn to a bearish mindset if it falls below the lower edge of the channel.
Suggested trade:
5.13 Boshi’s short-term preset orders:
Reference for long entry: go long in batches in the range of 60,900-61,200, stop loss 500 points, target 61,800-62,200.
Reference for short entry: short in batches in the range of 61800-62100, stop loss 500 points, target 61000-60600.
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