Good afternoon, friends!
A new week has begun. After Bitcoin successfully broke through the 100,000 US dollar mark last week, the market entered a horizontal consolidation phase.
This high-level sideways market has made trading operations extremely difficult.
After two days of sideways trading over the weekend, there was another "pin-in" phenomenon of violent ups and downs this morning, which made investors a little overwhelmed.
From the current daily line pattern, the overall trend is still in an upward trend. In this market, it is more appropriate to open orders and trade near the daily support level and wait patiently for the opportunity to enter the market, and once the market trend changes abnormally, you must leave the market decisively.
As for Bitcoin (BTC), its current four-hour support level has been broken again. After touching the daily support level of 98177, the small-level market began to rebound.
The upper rebound pressure level first focuses on 100,000 points. It takes at least four hours of closing to break through this price again, and the rebound strength will be enhanced.
The target pressure levels above are 102000, 103723 and 104545.
Pay attention to the second and third pressure levels when placing orders.
If the four-hour line cannot stand at 100,000 points, continue to look bearish on the callback. The daily support level below is 98177. Once it falls below 98177, you need to pay attention to 97390 and 96431, which may be "pin-insertion" positions.
If you want to adopt a stable bearish strategy, you need to wait until tomorrow's daily line successfully falls below 98177 before considering it.
