2024.08.02:
Important support levels:
1. 63,100 - This is a psychological key point, BTC likes to fluctuate around integers
2. 63,875 - The low of CME futures, which is also the low of the value range
3. 61,800 - 50% retracement of the monthly line, the author set an alarm here
Important resistance levels:
1. 64,850 - The midpoint of the current range
2. 66,000 - The high of CME futures, which is also the previous high
Trading strategy:
1. The current price is at the midpoint of the range, which is not suitable for opening a position. The author tends to wait for a pullback to around 63,100 before going long.
2. If it breaks above, you can consider going long at the target of 66,000, and then look for shorting opportunities.
3. The author set two alarms: shorting around 64,800 and going long around 63,100.
4. It is recommended to pay attention to the 5-day, 50-day, 100-day and 200-day moving averages on the daily chart, which can be used to determine the trend.
5. Observe the changes in trading volume, and a large volume confirmation is required when a breakthrough occurs.
Other opinions:
1. The author believes that Bitcoin is in a large range and there may be a big breakthrough in the future.
2. It is recommended to use the Market Profile tool to analyze the price structure.
3. Do not rely too much on statistics, but pay more attention to current price behavior.
