$ETH $BTC Disk interpretation: The first test of daily support, BTC completed the full track of daily operation 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 under the premise of the expansion of the decline in US stocks. We originally thought that it could stabilize temporarily.

But unfortunately, after the US stock market and the early Asian market, the selling pressure was released again. BTC recently tested the daily support for the first time

As of today, the daily high of August 26 fell back, BTC completed a daily range oscillation, and the buying volume activated the rebound near the obvious support.

The next question that many people are concerned about is whether the rebound will continue or test in succession?

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

Retracement:

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

I will see the market sentiment adjustment after the US stock market opens tonight. If the market sentiment is unfavorable, I will set a breakeven near the cost and exit directly if it drops again.

According to the current support of the daily line, if it continues to move downward, I may wait around 55,000 to see the support reaction.

Resistance:

If the US stock market opens tonight, the sentiment is good, and the BTC price fluctuates upward, I will continue to hold long orders, and the target daily midline position is currently 59,900, or around 60,000.

This idea is mainly to bet on the good employment data this Friday to boost the risk market. The specific logic is very simple. I don’t think that the Federal Reserve will indulge in a large-scale pullback of US stocks in advance 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 US stock market yesterday that as the decline of the US stock market widened, BTC did not follow the decline in the later period, indicating that BTC priced below 60,000 has successfully activated some buying volume as the price continues to fall, thus making BTC resistant to decline in the short term.

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