#BTC☀ Market analysis: The first test of daily support, BTC completed the full daily track for the first time in 8 days. Will it rebound continuously or test support in succession? Share my position ideas!

Before going to bed last night, we clearly saw that BTC rebounded slightly as the US stock market continued to fall. We originally thought that it could stabilize temporarily.

Unfortunately, the selling pressure was released again after the US stock market closed and in the early Asian trading hours. BTC recently tested the daily support for the first time.

As of today, BTC has fallen back from the daily high on August 26, completing a daily range oscillation, and there is obvious buying volume near the support to activate the rebound.

The next question that many people are concerned about is whether the rebound will continue or whether there will be successive tests?

Friends who are familiar with me know that I received a long order at 55,800. Although the position is small, I can also share my ideas about holding the position.

Retracement:

55,800 is set according to the lower support of the daily line last week. However, the current lower line of the daily line has moved to around 55,500. If it drops again, long positions may suffer floating losses. After all, my cost position is not an effective support.

I will see the adjustment of market sentiment after the U.S. stock market opens tonight. If market sentiment is unfavorable, I will set a break-even loss near the cost, and exit the market directly if the market falls again.

Judging from the current support of the daily line, if it continues to move downward, I may wait around 55,000 to see how the support reacts.

resistance:

If the U.S. stock market opens tonight and sentiment is good, and the price of BTC fluctuates upward, I will continue to hold long positions, targeting the mid-line position of the daily line, which is currently 59,900, or around 60,000.

The idea is mainly to bet that this Friday's employment data will be good and boost risk markets. The specific logic is very simple. I don't think the Federal Reserve will indulge in a large-scale, premature correction in U.S. stocks before the first rate cut, and may use data to maintain stability.

At the same time, it can be seen from the continuous decline of the U.S. stock market yesterday that as the decline of the U.S. stock market widened, BTC did not follow the decline in the later period. This shows that BTC priced below 60,000 has successfully activated some buying volume as the price continues to fall, thus making BTC resistant to declines in the short term.

Of course, this idea still needs to be verified tonight.

Short-term resistance and support:

The short-term resistance is at 58,200 on the hourly line, and the hourly support is around 55,800.

RSI: The index is currently 37. After experiencing a drop in the early morning, the index has fallen sharply. It currently remains neutral. If it touches 30, there is a probability that it will trigger an oversold rebound.

Summarize:

To be honest, I am not very confident about my current long position of 55,800. Although I think Friday's data may maintain market stability, I am worried that the market will test the downward support again before Friday's data.

Tonight I will focus on the sentiment of#USstockafter the opening, as well as the performance of tonight's small data, and then make timely adjustments.

Before, I always talked about the points but never shared my own ideas on holding positions, and many people complained about this. Today I will make an exception and share it with you.

PS: Don’t follow me randomly. I’m not a teacher and I don’t run a paid group, so I don’t accept rights protection.

$BTC