Is Bitcoin a huge distribution range or a new short trap? The 59k that has been talked about is still the decisive position.
Market review, the 59k that I have been thinking about has finally been broken. Since this round of decline, the price has been blocked by POC and VAL has been supported for a short time and rebounded but has no power to continue to fall. After breaking the important 59k, it is now struggling again near 59k.
Pay attention to several points. First, the channel drawn before can be adjusted. It seems that a larger channel has been obtained, which can also be regarded as a giant bull flag. Second, if the channel is established, the price is now supported and rebounded. There will be a shark expectation. Its formation position just falls on the upper edge of the channel and the time is roughly consistent. Third, pay attention to the suppression and breakthrough of the yellow trend line. Fourth, the funding rate has become negative, and short sellers have begun to gather and gather. Now the price is hovering around 59k again. Beware of short traps.
From the perspective of short sellers, beware of the increasing number of short sellers. The price has already pulled back once after falling below 59k. If it fails to pull back twice, it should quickly break through and leave this vicinity. The longer it stays here, the more disadvantageous it is for short sellers. There has been a second pullback near 59.6k. Short sellers can put the stop loss above 60k, betting that this is the distribution range, and the first stop profit target is 51.5k.
From the perspective of long sellers, it is a good thing that the price has returned to 59k. The longer it stays here, the better. If there is a continuous accumulation of short sellers, the bottom will become a huge short fuel depot, and there is a potential channel bottom for support. You can try to go long by stopping at 56k. The first stop profit target is the top of the channel, and here just coincides with a potential shark expectation. Violent short sellers can go long at the current price, aggressive long sellers can try to hang long on the left near 57.7k, and conservative long sellers can try to go long on the right after a false break of 56.5k and then go long.
I don't like watching the market, I prefer the left-side trading strategy, the trading strategy is time-sensitive, all comments do not constitute any investment advice, I wish you all good luck~
