BTC's sharp rebound last night was exceptionally fierce, almost recovering the previous day's losses. It is currently rebounding and testing the lower edge of the channel and the overlapping area near 99500 where previous support and resistance switched. Usually, there won't be significant fluctuations over the weekend; it is highly likely that after the rebound test ends in the next two days, it will undergo a consolidation between 94k-98k. From the volume of the rebound at the bottom, the spot market's capacity to absorb has been released, which is good for future bullish advances.
From another perspective, looking at the funding rates, the funding rates at major exchanges have gradually started to decline, with some even showing negative values. This indicates that the long positions in the futures market are gradually taking a stand, while short positions are starting to intervene, some of which include hedged short positions. It is important to note that when the negative premium difference is too large, these short positions will provide support for future rallies.
Several positions to pay attention to
Support Position
First Position 95970
Second Position 94666-94000
Third Position 93000-92333
Resistance Position
First Position 99400-99700
Second Position 100382
Third Position 102282-102958
Trading should follow the trend, going with the major and against the minor. When a trend comes, ride the wave; be flexible in turning when the trend reverses. Fighting against the trend is like a mantis trying to stop a car, disrupting your mindset and trading rhythm.
In the evening, as U.S. stocks fluctuate, if there are significant fluctuations, friends must remember to take profits diligently and cut losses decisively; holding onto positions is meaningless.
For any market interpretation regarding other currencies or questions about trading, feel free to leave comments.
Personal opinion, please read rationally. Not investment advice.
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