Quick update on market conditions
$BTC this afternoon for the brothers who are waiting for signals from the market.
After continuous choppy swings, the price
$BTC is currently hovering around the 65,495$ level. Looking at the short-term chart, I can see the market is experiencing extremely intense back-and-forth battle between buyers and sellers.
Below are a few perspectives from the technical data I’m tracking:
🔹 On the 15-minute timeframe, price is moving around the EMA(9) at 65,503$ and the MA(20) at 65,453$. This crossover suggests a very uncomfortable sideways trend. Buyers are trying to keep the price above the MA(20) to maintain the short-term upward structure.
🔹 On the 1-hour timeframe, MA(20) is at 65,181$ and EMA(9) is at 65,399$. Price being above both moving averages is a mildly positive sign indicating that selling pressure hasn’t truly overwhelmed yet. If
$BTC can’t hold the 65,100$ level over the next few hours, a retest of the old bottom zone is very likely.
Personally, I think the market is intentionally creating FAKEOUT moves to sweep the liquidity of those using excessively high leverage. Don’t be fooled by those immediate green/red candles.
My setup for this move:
🎯 Position: LONG
🎯 Entry: 65,100$ - 65,200$ (Wait for a slight pullback into the support zone of the 1-hour MA).
🎯 TP: 66,200$ and 66,800$.
🎯 SL: 64,750$ (If this level is broken, the short-term trend is considered broken; I’ll close the order right away to preserve capital).
Right now, are you guys holding a LONG or SHORT position in your hands? Comment below and let me know what the market sentiment is like at the moment!
#crypto #trading #taichinh
Note: This is my personal viewpoint, not investment advice. Trading always involves risk (DYOR).