Coin Circle Jinrui 7.5: Will 56,000 be lost in the weak market? Short-term key entry point

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The current market is still weak, so let's take a look at today's analysis immediately.

First of all, from the display on the order book, there are many buy orders around $56,000. Therefore, if Bitcoin can hold this price in the short term, it will be able to avoid further sharp declines.

[BTC 4-hour chart]

The area around $56,500 to $56,600 is the low resistance level of May 2, so if it falls below this point, Jinrui believes that it will bring another wave of decline.

If this area is used as support, it may form a double bottom and other rising patterns. If such a pattern is not seen, the short-term outlook is still bearish.

The main signal for the medium and short term is to short with the 4-hour 25EMA as the short-term pressure. Due to the existence of the overlapping part of the blue resistance line, it has a higher priority.

4-hour chart View: Bearish↓, but also need to pay attention to whether the price can hold the $56,000 level.

[BTC 1-hour chart]

Due to the large deviation of the 4-hour 25EMA, there may be a short-term rise to fill the space. But since both the daily and 4-hour lines are in a downward trend, remember that "long orders are only short-term strategies."

~ July 5 ultra-short-term entry point ~

① Rely on the 1-hour 25EMA to short Short price: $58,200 Target price: $56,750 Stop loss price: $58,700

② Go long near $56,750, Jinrui expects the right shoulder of the double bottom to form. But it is recommended to enter the market with a light position. Target price: $58,000 Stop loss price: $56,160

③ Go short after falling below $56,750, and enter the market if the entity breaks. Target price: $56,000 Stop loss price: $57,000

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