If the price of Bitcoin forms a long negative line with a sharp decline after the shock, and cannot quickly make up for the rise and repair the indicators, then there is a possibility of further decline. Therefore, at this stage, it is more important to pay attention to whether the price can stabilize at the bottom of the shock box range.
The short-term resistance is at 61100 and the second resistance is at 61700. If the price breaks through the first resistance and stabilizes in this range, then I will maintain a short-term bullish view. Therefore, I regard the first resistance as a short-term resistance, and once it is broken, it is necessary to pay attention to the resistance of the 20-day moving average and analyze it from the perspective of adjustment.
The first support level is 60500 and the second support level is 59250. In intraday trading, I regard the first support as an important support line because it is the low point during the consolidation process. If it falls below this support line, it may fall further. I think the price will open the biggest downside space after falling below $59000.
However, if the price breaks below the bottom of the range, I would expect a short-term bounce around $59,000 rather than a continued sharp decline.
Therefore, I will continue to maintain a bearish view for the main short-term trade in today's trading. However, if the price breaks through $61,100 and stabilizes, I will turn bullish. But it is not too late, so I will look at the decline from the perspective of the short-term trend.
The following is my short-term pre-buying order today:
Reference for long entry: go long in batches in the range of 60200-60500, stop loss 500 points, target 61100-61400.
Reference for short entry: short in batches in the range of 61100-61400, stop loss 500 points, target 60500-60000.
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