BTC Bitcoin short targets 59k and 50.5k.
Looking back at the trend and pulling up the transaction distribution, we can see that there is an obvious support-resistance swap area around 68k, which can be approximately regarded as the bottom of the box. The VAH of 71.5k is obviously a resistance area, and it has failed to test up to 5 times, so it can be regarded as the top of the box. The box is 1:1 symmetrical. You can see that the bottom of the symmetrical box is approximately close to VAL, so the price will most likely be tested near here, about 64k, and 64k is also an important branch-resistance swap area, with obvious multiples. resonance.
There is also an interesting perspective. Pay attention to 59k again. It is a very standard pin before going low. If the pin here falls below and then withdraws, there will be opportunities to go long. If the trend is expanded from the all-time high to the latest location and then to the highest rebound level, the 1:1 extension level is exactly 59k, and the 1.618 extension level is about 50.5k. This is exactly another triple parallel bottom, and it is the beginning of this bull market. Since then, it has been at the bottom of the 50-53k consolidation zone.
Therefore, from the perspective of shorts, the current heavy volume has fallen below the key 69.2k. The violent shorts can go short at the current price, the aggressive shorts can go short at high levels after the rebound, and the conservative shorts can hang short orders on the left near 69.2k, or pull back on the right. Side cut, standard stop loss 70.5k, violent stop loss 72k, first take profit target 59k, second take profit target 50.5k
From the perspective of bulls, it seems not very optimistic. Long positions should stop losses, reduce positions appropriately on rallies, and pay attention to the potential rebound level near 64-65k. However, the best trading opportunity is still a false breakout near 59k. Get That round of rebound after liquidity.
I personally don’t like to watch the market and prefer left-side trading strategies. Trading strategies are time-sensitive. All comments do not constitute any investment advice. I wish you all good luck~
Regarding my friends who are copying orders, I would like to remind you again that I am a low-frequency trader and need to be patient enough, and I may open reverse orders. It is meaningless if the total amount invested in copying orders is too small.
