Coin Circle Jinrui 7.10: Long and short positions accurately target 2800 points. Will a double bottom pattern be formed?
Only when the mind is as calm as water can one be vigorous. Investing is only for making money. Everything else is empty. Making money is the kingly way. Hello everyone, I am Coin Circle Jinrui!
First of all, let’s briefly review the strategy in Jinrui’s analysis yesterday. The long position layout gained 1500 points. The short position layout also gained 1300 points. Yesterday, the long and short positions made a total profit of 2800 points!
What is the reason for the current upward obstruction?
German government’s selling
At present, the upward movement is obstructed due to the ongoing selling of the German government.
The decline caused by the selling is limited, so there is no need to be too pessimistic.
Order book
The selling pressure in the late $58,000 is large, which is the reason for the lack of upward movement.
However, the buying in the $57,000 range is thick, which may support the bottom and drive the rise.
【BTC 4-hour chart】
The resistance at 25EMA on the 4-hour level has been confirmed, so long orders with 25EMA as support and before breaking the low point and trend line can be regarded as a strategy of buying on dips. The most critical thing is whether it can break through the neckline of the double bottom, which is $58,000.
Neckline of the double bottom
Long-term effective trend line
Resistance of 4H 200EMA
Based on these factors, if Bitcoin breaks through $58,000, then Jinrui believes that it may bring a sharp rise.
And long orders with 25EMA as support can continue to be held as a point for swing trading.
【BTC 1 hour chart】
A triangle consolidation pattern is currently formed at the 1 hour level
~ Jinrui's ultra-short-term entry point on July 10~
After breaking through the upper part of the triangle consolidation, go long with the trend, the long price is $58,100 Target price: $58,700~$59,700
Stop loss price: $57,500 (25EMA broken)
Go long around $56,500 Stop loss price: $56,000, target price: $58,000 (near 200EMA)
If it falls below the support of the consolidation range, you can try to enter the short-term short-term. Jinrui expects that the upward movement will be blocked and there may be a sharp rebound and then a decline, but even if it falls, the current stage can still be regarded as a callback stage.
You can also actively buy around $56,500 in the medium and long term. No one can predict the future. All we can do is face the chart and gradually accumulate profits.
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