Market Review
Bitcoin continued to bottom out on the weekly chart, breaking the support level of 64,000, forming a bearish engulfing pattern at the weekly level. From the attached chart, the MACD short volume has increased. The daily chart shows that the price trend gives almost no opportunity for rebound short orders to enter the market, and the downward trend of selling is very obvious. The sharp drop in the early trading indicates that the market outlook is not optimistic. At present, the price of Bitcoin has received short-term support at the 63,000 level, but the overall high pressure still needs to pay attention to the vicinity of 64,800.
technical analysis
Daily chart
Trend: The downward trend of selling is obvious, and there is no obvious rebound opportunity.
Resistance level: 64800.
Support level: 63000.
Four-hour chart
Trend: The price is in the Bollinger Bands descending channel, and there are signs of a rebound after a rapid decline.
Resistance level: 63800.
CCI indicator: running below -100, showing signs of rebound.
Operation strategy: pay attention to the entry position for short selling in subsequent rebounds.
One-hour chart
Trend: Bollinger Bands opened downward, and the 64,000 support level turned into upward resistance.
MACD indicator: short selling volume is accelerating.
Operation strategy: Continue short selling after a short-term rebound.
Recommendations
Robust Strategy
Short on rebound: Place short orders in the 64000-64800 range, target 63000-62000, and set stop loss at 65000.
Aggressive Strategy
Short-term short selling: short selling around 63800, target at 63000, stop loss set at 64200.
Summarize
Bitcoin shows a clear downward trend on both the weekly and daily levels, and there is almost no chance of price rebound. The short-term four-hour and one-hour charts show that the price is running in the Bollinger Bands downward channel. There are signs of rebound in the short term, but overall it is still dominated by short-selling operations. Investors are advised to pay attention to short-selling opportunities after the rebound and maintain a cautious trading strategy.
