BTC remained relatively stable overnight after climbing to highs near 58,500 as expected.
However, with the release of market news yesterday morning, the price immediately started a clear downward trend, showing that these news had a significant impact on the domestic market, triggering investors' eagerness to avoid risks, lest they become the market The last to leave in the adjustment.
The price continued to decline from about 58,200 points, not only breaking through the key support level of 57,700, but also touching the lowest level of 55,600, with the largest single-day drop reaching $2,600.
Despite this, the 51,490 level below can still be seen on the daily chart as an important support area.
For bull investors, although the current situation is not optimistic, there is no need to be overly pessimistic, because even if it reaches the support of 51,490, it will take time to accumulate, not overnight.
It is worth noting that a large number of buy orders have accumulated around 55,600, indicating the existence of strong supply and demand support in this area.
Further observation shows that the underlying force of the market is still strong. Today's non-farm employment data will become a key factor affecting whether and how much interest rates will be cut on the 18th, including whether to cut interest rates by 25 basis points or 50 basis points. These will provide the basis for the bottom of the market. for extra support.
In view of this, investors may consider participating in the bulls' counterattack today and engaging in certain trading games. ➕👗➩BNB0098
To sum up, I personally tend to believe that this is a good time to place long orders. It is recommended to enter the market when the BTC price is around 56,000. If the price further pulls back to around 55,600, you can consider adding more positions.
At the same time, set a stop loss at 55,300 to protect the safety of the position.
