$BTC Bitcoin Night Market View on 08.06
The market has been stagnant today, but the direction will soon break out. There is no need to participate in the middle position.
✅ The upper resistance emphasized for 3 days is 116,000. Only by breaking through this position will the current correction end, and we can look for new highs.
✅ The two previous lows at 112,600 and 111,800, I believe neither can be used anymore. If it goes down 📉, I personally think it will directly break through. The first support is the Fibonacci 0.5 level at 110,788, and the second support is at 0.618 level at 107,888. This range is also the previously mentioned 50% spot level. For contracts, first look at the 0.5 position, then take it step by step.
▶️ Based on expectations, a trading plan can be formulated.
1️⃣ Prepare to enter the spot market, previously mentioned, contracts should open long at the first support, with plans for averaging down and stop-loss.
2️⃣ Short again at 115,800, with a small stop-loss of a few hundred points.
3️⃣ Breakthrough at 116,000, directly chase long.
4️⃣ If it breaks through 116,000, for example, if it rises to the 117 range, pull back to around 116,200 to buy long.
⚠️ With expectations and a trading plan, the rest is to let the market run on its own. What are you confused about? Do you still need to ask if it can reach? Once the position is reached, do you still need to ask whether to short or long here?
