July 4th
Do the right thing, walk the right path. Do you know where the right path is?
The so-called right path means being bearish and shorting.
Friends, you must continue to pay attention to my analysis because my analysis is very consistent.
BTC
Daily Level
The price has recently broken through key resistance levels, and today there was a pullback after a spike. At this position, we suspect it is a retest to confirm support after an upward breakout. Currently, the retest support is temporarily effective.
So once we know this, we need to clarify an attitude: if you want to short, this is not the time to do it.
In summary,
The trend for Bitcoin is bearish; shorting is the right choice, but at this moment, do not participate in short orders. I believe there is still an upward movement in price.
Four-Hour Level
Top structure fourth candle
From this perspective, shorting is not a problem.
But still, this statement: the timing is not right.
The four-hour chart tells us to enter short orders at 109,700.
Stop loss is above 112,000, and the take profit was given in yesterday's lesson; I won't provide it today.
Of course, a conservative short-term expectation sees the 107,500 line.
Expected take profit time is to see a low at 10k (conventional expectation).
Hourly Level
There is no M-top, but I have formed a head and shoulders top.
Moreover, my head and shoulders top has already formed, and the neckline has been broken.
So this clearly tells us that shorting is the right path.
However, it still tells us that this is not the right time.
The hourly level tells us the reference position for shorting on a rebound.
The hourly level tells us to short above 109,300, and to be safer, short at 109,600.
If you are more cautious, you can short at 109,800.
But if you are cautious and miss out, don't get too tangled up.