6.20 Market Trend Analysis

The current price of Bitcoin is around 104300. The suggestion given in the group yesterday was to target a short position at 105000 with a goal of 104000, which leaves little room of only 1000 points. The upward move to 103500 was not reached, so we can only wait for a pullback above 105000 to take another short position, with the defensive point suggested to be above 105500 and the stop-loss set above 105800. For those trading trend positions, the market conditions in the past few days are suitable for resting. For those trading in waves, it’s been quite comfortable to navigate back and forth. While it’s comfortable to make profits, remember to maintain defense and set stop-losses!

The 4-hour candlestick chart has entered a downward channel, and the EMA trend indicator is also alternating and expanding downwards. The short-term bearish momentum is entering a descending channel, and as long as the pullback does not break the pressure line of 105800, the bearish trend will continue. The MACD shows a continuous decrease in volume with the DIF and DEA diffusing below the 0 axis, forming a bottom divergence trend. Coupled with the Bollinger Band middle track resistance at 105400, we can see where the pressure zone is on the short side. For short-term support, pay attention to the area around 103000. Overall, shorting at high levels is somewhat more advantageous!