Yesterday, Bitcoin showed a volatile downward trend, allowing for short positions in the 960-965 range. The four-hour market saw a slight rebound, and before the US stock market opened, Bitcoin also rebounded to the 965 line. The pullback allowed us to get in. However, the US stock market opened with a rapid decline, dropping nearly 3500 points from 965 to 929. Although the short-term target has been reached, there is still some space for the medium to long term. At this time, for the medium to long term, it is advisable to reduce positions and aim for my target levels. Last night, I also shared the trading system with everyone in advance!
From the daily line structure, Bitcoin is still in a mid-lower track oscillation, and the recent bearish momentum is very obvious. In the four-hour cycle, the price has seen multiple upper shadows at high levels, indicating that the main forces above are taking profits. The MACD technical indicator is currently in negative territory, coupled with the downward spread of the DIF and DEA bearish momentum, the overall trend would require external news stimulation to shift back to bullish; otherwise, it is difficult for the market to see a significant rebound!
Currently, the candlestick has shown four consecutive declines, and the intraday trend remains predominantly bearish. Pay attention to the resistance level at 96000 above. If it does not break through or stabilize above, plan to enter short positions around the 945-950 range, with the target focusing on the support level below 92000. If that breaks, we can continue to look down to 91000-90000.
Do not engage in ambiguous analysis; just follow your own trading system!$BTC