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If we use technical analysis to explain the current trend of the current market, Jinrui believes that as long as the price does not fall below the $59,000 range on the daily level, we can continue to hold a bullish view.
The key point to watch on the daily level is $59,000. If the price falls below this, it is expected to fall further to around $53,000.
If it does not break, then this will be a buying opportunity at the mid-term level, and the price will fluctuate within this range. For investors who feel uneasy, it is ideal to wait for the market direction to become clear before entering the market.
The current Bitcoin is indeed an excellent buying opportunity. Jinruiren considers friends who can go long at this time to be strong players in the market. However, everyone must remember to pocket some of the profits.
In addition, $64,500 is also playing a role as a support and resistance level. If the entity breaks through this price, then we can consider adding more longs! Bitcoin production will be halved tomorrow, and we will continue to observe market dynamics carefully.
Bitcoin has risen above the parallel channel. And we can see that a head and shoulders bottom pattern has been formed. If the price breaks through the channel above the neckline, it can be confirmed that there will be further rises.
Then the intraday operation suggestions are: ① Go long near the top of the parallel channel, the price is between $64,850 and $64,950. The profit point is near the 75 and 200EMA at the 4-hour level (65,491-65,914 US dollars).
② Use the 25 and 75 EMA as support to go long ($63,018), with profit points around $64,600.
If the price encounters pressure above the parallel channel, short-term short selling is recommended as a risk hedge. The market is highly volatile and prone to violent fluctuations, so it is recommended that you set the take-profit and stop-loss levels.
