Bitcoin (BTC) Analysis
From a technical perspective, an inverse head and shoulders technical pattern has appeared on the 4-hour chart of Bitcoin, which is usually a reversal signal of a downtrend. If Bitcoin can break through the resistance levels near $63,500 and $63,700, the price is expected to rebound. However, it should be noted that the price of Bitcoin is still affected by some factors, such as the speech of Federal Reserve Chairman Powell and data news this week. In general, although the price of Bitcoin has rebounded to a certain extent, it is still unknown whether it can break through the upward resistance.
Trading suggestions:
Taking the above factors into consideration, I offer the following suggestions for your reference:
Short entry point: When Bitcoin rebounds to around $62,000-62,300, you can consider shorting.
Target level: The target level can be seen at 61,000-60,700 US dollars.
Stop loss: The stop loss can be set at $63,000.
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