Yesterday's BTC Market Review: Yesterday morning, BTC continued its upward trend, reaching a high of 122,348. As it approached the previous high, we decisively entered a short position near 121,800. At noon, the 2-hour TD indicator showed a 9 signal, signaling a clear bearish trend, further solidifying our short position. In the early morning hours, BTC dipped to around 118,000, and we exited our short position with a take-profit of 3,800 points. We adhered to our shorting strategy throughout yesterday, perfectly capitalizing on the unilateral decline and pocketing all the profits from our short position.
BTC Market Analysis Today: Yesterday afternoon, BTC encountered resistance near 122,300 and fell back. It fell to around 118,000 this morning before rebounding and currently consolidating around 119,000. Trend analysis suggests that intraday trading should focus on the support level near 118,300. It is recommended to go long if the price retraces back to the 118,000-118,300 range without breaking. If so, consider buying again at the previous low near 116,300. On the upside, continue to monitor the resistance level near 121,800. It is recommended to go short if the price rebounds to the 121,500-121,800 range without breaking. If so, consider buying again at yesterday's high near 122,500.
Technical analysis: The daily line closed with a negative bar with a long upper shadow yesterday, which is consistent with the K-line pattern when BTC hit a record high last time. Both of them rose and then fell. The intraday trend tends to be bearish. The short-term target will focus on the support level formed by the intersection of the middle track of the Bollinger band and MA10 near 116500.
After the 4,000-point drop from yesterday to date, we can watch for a small rebound today, and then arrange short positions when it is in place. The overall trend is still mainly high-short. The 3-hour chart shows that yesterday's double-negative peak was reached at noon and then fell back. It has now closed higher after 6 consecutive declines. There is room for further rebound today. We can watch for a wave of rise in the morning session and then short when it reaches a high point.
The 2-hour chart showed four consecutive declines before closing with a positive sign. A red 9 signal appeared below the TD indicator. The short-term trend turned bullish near the 118,000 support level. The short-term bullish signal was obvious, but the upper space was limited. The middle track of the Bollinger Band and the MA10 crossed near 119,800 to form a short-term suppression. You can start to arrange short orders when it rebounds to this position.
In summary, BTC has rebound momentum in the short term, but the upward space is limited. The general trend is still recommended to short after rebounding to a high level.
BTC operation strategy today:
1. Short in the 121500-121800 range, target 120000-119000, stop loss 122300
2. Go long in the 118000-118300 range, target 119800-121000, stop loss 117500
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