August 28th Empty Cut: Bitcoin is bearish!

Review of yesterday's market trends and technical points:

For Bitcoin, yesterday we tried to look bearish based on 64000~63500, and successfully connected the overall trend to be relatively regular. The short-term trend rebound is relatively low. The current trend is still preparing for the next step of decline. I hope that today will finally usher in a successful decline and reach the 60,000 mark, but this is not the end.

BTC/Daily Chart

At the Bitcoin daily level, yesterday closed with a full big Yin, the day before yesterday closed with a cross star K line, and today did not fall under pressure, but directly formed a Yin line, and if there is no rebound in the second half of the night, this pattern shows that it is still in a weak stage in the short term, waiting for the currency price trend to fall at any time, and continue to maintain a bearish trend.

BTC/4H chart

Bitcoin 4h level, short-term moving average begins to short and downward, the price runs above the 60-day moving average, and the decline in the evening will not be too large. This K-line pattern is easy to form a wave of bottoming and pulling up, and then the weakness is repaired and then the second decline is made. Focus on the resistance of 62500 and the support of 60500. Buying at stabilization is a good buying point.

Strategy 1: It is recommended to lightly position/go long at 61000~60500, stop loss 60000, and the target is around 62000

Strategy 2: It is recommended to lightly position/go short at 62500~62000, stop loss 63300, and the target is around 60500

The above is a personal suggestion for reference only. Investment is risky and trading should be cautious