2024.5.14 Bitcoin (BTC) short-term analysis

Bitcoin experienced a significant rebound before the release of the April consumer price index in the United States, and is currently trading sideways around $63,000. Although it once broke through this level, it failed to stay above the previous high and is currently in an adjustment phase.

Only when the price breaks through the previous high of $63,300 again can we expect further gains. However, before the release of CPI, most market players are in a wait-and-see state, which may cause Bitcoin to fluctuate within the box shock range.
 

Resistance and support analysis

  • The first resistance level of the day: $63,300

  • The second resistance level during the day: $64,000

If the price breaks through the first resistance level, we can expect a retest of the previous high of $64,000. In order to break through the upper resistance, the premise is to observe whether the previous low after the rise can be maintained.

  • The first support level of the day: $62,300

  • The second support level during the day: $61,600

If the price holds the first support level, Boshi suggests that you can try to deploy a short-term rebound strategy. If it falls below the first support level, the downward pressure will increase greatly, and the price may drop to the second support level of around $61,600.
 

Trading strategy suggestions

Before the CPI is released, BTC may continue to consolidate, so it is recommended to adopt a box trading strategy in the short term rather than holding positions for the long term. In the expected sideways consolidation, be flexible in responding to fluctuations within the trading range.

Usually before the release of important indices, the market will go sideways, and only after the release will there be a clear direction choice. In addition, be careful to avoid panic selling and wash trading due to unfavorable news after the release of the index, and be sure to set stop-profit and stop-loss points.
 

Today's short-term pre-buried orders

  • Long entry reference: Long in batches in the range of 61900-62200 US dollars, stop loss set at 500 points, target 63000-63300 US dollars

  • Reference for short entry: short in batches in the range of 63,000-63,300 USD, stop loss set at 500 points, target 62,300-62,000 USD

Please refer to these suggestions when trading and flexibly adjust your strategy to respond to market changes.

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