Last night was thrilling, with both longs and shorts exploding, and Bitcoin following the US stocks in a volatile manner.
Let's take a look at what happened in the market, starting with the daily chart:
It doesn't look very good～ The cross is testing support, and it feels like it can't hold. To stop the decline, it needs to consolidate above 932. If 932 becomes resistance, there's a high probability that 915 will break.
Yesterday's strategy short position stop loss was 944, the highest before the drop was around 943, fell to 915 and then started a violent surge. Friends who didn't exit are suffering. Turning profits into losses, trading must adapt to price movements, and stop losses must be constantly adjusted to avoid profit retracement and turning floating gains into floating losses.
On the smaller time frames, once again confirming the pressure around 947-950. The current support is at 920, the first resistance above is at 932, and the second resistance is at 947.
As long as the 4-hour or higher level does not break down below 920, it can be considered multiple confirmations of support. You may consider betting on long positions with a stop loss at 915. If it cannot break through 932, then you have to withdraw.
For short positions, pay attention to the pressure at 932 above. If it cannot break through, go short, with a stop loss at 938.
Morning trading thoughts have been analyzed. How do you all feel? Feel free to discuss in the comments. Here is your little analyst who loves you, providing daily unsolicited analysis (heart).