#BitwiseBitcoinETF
1. Short-term trend analysis:
Trendline: The chart has a downtrend line, defined by lower highs combined with lower lows. The long-term downtrend line is still dominant.
Moving averages (EMA):
EMA(7) (yellow) is above EMA(34) (pink), indicating a short-term uptrend is forming.
Price is near EMA(7) and EMA(34), but still below EMA(90) (green) and EMA(200) (green). This shows that the market is still in the accumulation or correction phase in the downtrend.
Support and resistance levels:
Nearest resistance: Zone 738.39 (on the chart).
Strong support: Zone 674.16, price is holding firmly above this level.
2. How to trade with the trend:
If you want to trade with the short-term trend:
Buy (Long):
Wait for the price to break and hold above the resistance line of 738.39 with a large trading volume. This is a signal to confirm the reversal of the uptrend.
Or wait for the price to adjust to the support zone of 674.16 and bounce back.
Set a stop loss below the support level of 674.16.
Short:
If the price cannot break the resistance of 738.39 and there is a strong bearish signal, you can enter a short order when the price turns around.
Or wait for the price to break the support of 674.16 to continue the long-term downtrend.
Place stop loss above resistance 738.39