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5.14 Morning Market Overview: $BTC Bitcoin Consolidating Or Trending Down
Bitcoin opened the morning with a doji candlestick and a bullish body, consolidating Or trending down during the day
Bitcoin is steadily above the Fibonacci 0.618 level at 102345 on the 4H chart; as long as Bitcoin does not drop below this level, it remains a bullish market
The 1H Bitcoin is forming a rising wedge; one can choose to enter long near the trendline on a pullback, or short near the upper resistance trendline; position a long near 103295 on the left side, with a stop-loss if it breaks down, targeting 10.5 and 10.57; alternatively, on the right side, if it breaks the trendline at 103259 and then retraces, go long in the direction of the trend, with a stop-loss in place and unchanged targets; as time progresses, the support level of the trendline will also move up
Positioning for a high short resonance point near 10.57 on the left side, with a stop-loss at 10.64, targeting 10.43 and 10.26; on the right side, breakthrough trades can be initiated on a breakdown; defend on a new high with unchanged targets; if you are trading on the left side, you can ambush both long and short, ensuring good risk management; if you prefer the right side, you need to monitor and enter steadily
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