Good afternoon, everyone! I was unable to update you all last night due to some matters, and the bearish outlook shared yesterday afternoon has all been swept away by the market.
Now, Bitcoin is clearly moving down on the daily chart. Who would have thought it could rise so high yesterday? It was practically a targeted explosion! Today, the price is about the same as yesterday, but many of you have lost your positions, and some are still stuck at the peak 😢
I wonder if you all remember that last week I suggested everyone to set up a medium-to-long-term initial position near 106500. Today, it peaked at 107000! However, today is Monday, and with the weekly chart just resetting, the market has surged and then pulled back, breaking all the small support patterns.
In the short term, I don't think there will be a second surge; at least, we have to complete a wave of daily corrections before the market has a chance to go up again. This cycle will take at least more than a week.
So for those who chased high, you should sell when there's a rebound!
The intraday rebound resistance level is at 104000. The four-hour level needs to close above this position for the bullish pattern to be considered repaired. Until the four-hour chart breaks 104000, don’t blindly be bullish!
The market will continue to probe near the two support levels of 101400 - 100800 next.
For those looking to go long on a rebound, you can try a small position near 101000, but be sure to set a stop loss! The current trading strategy focuses on shorting at rebound highs, so you can test the short position lightly near the resistance around 104000~
