August 1: Bitcoin closes the month, wary of correction after strong rally! Analyze the latest trends and trade recommendations
BTC/Daily chart
Bitcoin daily chart level: Yesterday's candlestick continued to close down, price recovered to near 66800 but came under downward pressure again, currently hitting a low near 64500. Combined with the 15M level, it is possible clearly see the need for a short-term price correction, as mentioned in yesterday's article about buying near 64000, looking at the price increase at a small level. However, with continuous pressure from sellers, the resistance level is gradually lowering. Today, the upper resistance is near 67000, conservative continues around 67000, continuing to look bearish. The lower support level is 63300, if broken there will be a deceleration, so do not rush to judge the low level. If there is a correction, it will probably be similar to the trend at the end of May, using the principle of high box adjustment to exchange time for space.
BTC/4h chart
Bitcoin's 4h chart level: From the chart, it can be clearly seen that yesterday it fluctuated in the range of 66500~65500, which is also the concentration area of orders. After a short period of correction, the upward momentum is not enough and is under strong downward pressure near 66800, which may serve as reference resistance today. Currently, the price is running at 64500, secondary indicators show that the sellers have almost consumed it, signs that the price may increase in the short term for a correction. In addition, the important support level is around 63500, touching is also the buy point, resistance is 67000.
Strategy one: Short term 64500~64000 partial/light buy, stop loss 63500, target near 65500
Strategy two: Suggest 65500~66000 sell partially/lightly, add 66500, stop loss 67000, target 64000~63300, if broken can hold
The above are personal recommendations, for reference only, investing is risky, transactions need to be careful
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