Latest Bitcoin Market Analysis: Unable to rise further, expect a pullback tonight

How to read the technical indicators?

On the 30-minute chart, the RSI is currently in the lower middle position (around 45-50), which is neutral to weak, indicating that the bulls' upward momentum is a bit insufficient, and the bears are starting to emerge slowly. The MACD histogram has just turned from green to red, but the red bars are not growing tall, and the volume has not kept up. It looks like the bulls are barely holding it up, and the sustainability may not be good. Be careful it's not a "fake breakout".

How will the market move tonight?

Recently, Bitcoin has been hovering around 107000, and it looks like it's rising, but it's rising slower and slower, like a person getting tired of running. The resistance around 107400-107100 is quite obvious. It has tried to break through several times before but failed. In addition, the trading volume has not increased at this time, and the willingness of funds to chase the rise is not strong. It is likely to pull back first tonight. The upward momentum cannot keep up, and the profit-taking should run away.

How should we operate?

If you want to do short-term trading, you can try shorting near 107400-107100, with the target first seeing 106400-105800. Why choose here? Because this is both the previous high resistance level, and the RSI also happens to have some overbought signals here, which are easy to fall together. Set the stop loss above 107700. If it breaks, it means that the short selling logic is wrong. Withdraw quickly and don't resist. Don't be greedy when you reach the target position, and it is most practical to take profits in batches.

Finally, a few words

I don't need to tell you how volatile Bitcoin is. If there is any news at night (such as the United States coming up with policies again, or institutions buying and selling again), the market will change. The points mentioned above are just a reference. Don't have too heavy positions, take profit when you see it, and don't think about getting rich overnight. If you don't understand or are too lazy to watch the market, then wait and see first, and it's not too late to start after the direction is clear~#BTC走势分析