Cryptocurrency Expert: On June 18, Bitcoin broke through a key support level. Can the last line of defense for the bulls hold? Latest market analysis and reference suggestions
Current Bitcoin price is 103500. It is currently 1:30 AM Beijing time. For several days, the strategy for Bitcoin has been to trend down from a high position. The market has reached a point where many crypto enthusiasts are late to exit. Those who haven't exited shouldn't all jump ship. Pay attention to the momentum around the major trend support point at 100000. If the mid-term level around 102000 doesn't break, you can take profits and lock in some gains, but don't rule out the possibility of liquidating bullish momentum. Be cautious and set stop-losses; sometimes a small loss can be equivalent to a gain.
The daily K-line reached a high of 107800 and a low of 103350 and continues to decline. Watch the EMA60 trend support at 101900. The MACD is shrinking with increased positioning, and the bears are gaining strength. The DIF and DEA are hitting the 0 axis from a high position, and the K-line has broken below the mid-line at 105700. Focus on the lower Bollinger Band support at 101700. A sharp decline has already occurred. For those who haven't entered the market, wait for the stop to stabilize. After it stabilizes, wait for a pullback, and after the pullback, wait for confirmation. Only enter after confirming the pattern, and control your greed and desire; do not let emotions drive your entry.
The four-hour K-line has reached above the support point of the upward trend line at 103000. The EMA trend indicator has shifted from bullish to bearish and is starting to alternate downward. The MACD is shrinking with increased positioning. The DIF and DEA have formed a death cross indicating a downward trend. The lower Bollinger Band at 103500 has been breached. In the short term, confirmation of support strength will occur around 103500. Can the bulls organize to push the bears further down? If they continue to drop and break support, consider following the trend down slightly and then exiting. For conservative traders, wait until after the support breaks to find a position for an upward entry.
Short-term reference: The market is never 100% certain, so always set stop-losses. Safety first; minimizing small losses for larger gains is the goal.
Downward trial entry points: 106000 to 106500, with a stop-loss at 107000, 500 points stop-loss, target looking at 105500 to 104500, breaking point at 103500.
Upward reference points: 102000 to 101000, with a stop-loss at 100500, 500 points stop-loss, target looking at 103500 to 104000, breaking point at 104500.
Specific operations should be based on real-time data from the market. For more information, you can consult the author. Note that there may be delays in article publication; suggestions are for reference only, and risks are to be borne by the reader.