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Let's first look at Bitcoin's daily chart:
Yesterday there was a constant volume, but not much of a drop. Therefore, around 943, there is some support. Now we need to see if the upper pressure at 972 can hold. As long as the weekly candlestick closes above 972, we still look for fluctuations. If it can't hold, then the next time it reaches 943, it may not hold up. Keep a close eye on the situation at 972.
Let’s take a look at the smaller time frames:
Although it looks like it has been suppressed by 972, there hasn't been a volume confirmation of pressure nor a significant drop. So, it mainly seems to be consolidating. A break below 940 could see a major retracement.
Today's strategy:
Bet on 972 not breaking to go short, stop loss at 972.
Observe the support situation around 940 in real-time; if it breaks, go short; if it holds, go long.
Morning trading analysis is complete. How do you feel, esteemed viewers? Feel free to exchange ideas in the comments. Here is your little buddy who loves you, providing daily free analysis (heart emoji).
