BTC 4-hour candlestick chart
BTC is currently in a clear upward trend and has broken through the 62,000 key point.
1-hour candlestick chart
Combining the technical indicators on the chart and yesterday's trends, today's operation suggestions can be analyzed as follows.
Technical Analysis
Moving average system:
MA5, MA10 and MA30 moving averages: The short-term MA5 (55536.2) and MA10 (54942.6) are both in a bullish arrangement, and the price is currently well above the short-term moving averages, indicating that the market is in a strong bullish trend.
MA30 (55466.9): is a key support line. The price has moved away from this position, indicating that the moving average still provides strong support in the short term.
Trading volume: Yesterday's rebound was accompanied by a moderate increase in trading volume, indicating that the current upward price movement is supported by funds.
Bollinger Bands: The Bollinger Bands opening shows an expanding trend, and the price is running near the upper track, indicating that the market is in a strong state in the short term, but we need to be vigilant about possible overbought risks.
Summary of yesterday’s trend:
Yesterday, the price rose rapidly from around 55,000 points, breaking through multiple resistance levels and reaching a maximum of 62,555 points. This sharp rise showed that market sentiment was extremely optimistic, but it encountered selling pressure around 62,555 points and fell back to around 62,000 points.
The key for the market today is to confirm whether the support of 62,000 points can be maintained.
Today's trend forecast
After BTC breaks through 62,000 points, it may fluctuate and consolidate around this position. If it can effectively stand at 62,000 points, it will have the opportunity to further test the 63,000-63,500 range. However, due to the sharp rise yesterday, there may be some profit-taking in the short term, resulting in a small correction.
The first support level: 61500-62000 range, which is an important short-term support. If it falls below, it may fall back to around 60000 points.
The second support level: 60,000 points, which is a psychological barrier and also the key point of yesterday’s rebound. If it falls below, it may trigger more stop losses.
The first resistance level: 63000-63500 range. This area is the short-term target of the bulls. If it can be successfully broken through, it is possible to see 64500.
The second resistance level: 64500. If this area is broken, the bulls will further control the market and open up room for upside.
Recommendations
Short-term operation:
If the price stabilizes around 62,000, you can consider entering a long order with the target at 63,000-63,500. The short-term take profit can be set at 63,300 and the stop loss at 61,500.
If the price falls below 62,000, you can wait to buy low around 60,000. The target is still 63,000, and the stop loss is at 59,000.
Midline operation:
If the price pulls back to the 60000-60500 range, you can open positions in batches, with the take-profit level set at 64500 and the stop-loss level at 59000.
If the price breaks through 63,000 with great strength, you can consider going long with the target up to 64,500.
BTC is currently in a strong upward trend. In the short term, we will focus on whether the 62,000 support is effective. If it can hold this point, it is expected to further challenge the 63,000-63,500 range. However, since it has risen a lot yesterday, there is a certain need for a correction in the short term. Therefore, it is recommended to intervene in short-term operations after a moderate correction, remain patient, and avoid chasing the rise. The overall trend is positive, but we still need to be wary of short-term market volatility.
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