August 9th short cut: Try to avoid short positions in Bitcoin, Ethereum is still bullish
On the daily chart of Bitcoin, the price of the currency fell sharply on Monday, and the pin was completed and stayed low, ending the weak decline. After such a sharp drop, it ushered in a big rise. Anyone who is used to short-term trading will inevitably suffer from the fate of washing the market. When waiting for the unilateral trend to come, they will be caught off guard and instantly return to the original shape, or even suffer a major loss. However, those who follow the trend can easily grasp the unilateral trend and instantly expand their profits.
Yesterday, Thursday, a big positive candlestick was closed, which strongly broke through the 10-day moving average middle rail resistance of 61,000, and the highest price reached around 62,700. Today, it did not continue yesterday's strong rise, but reflected a strong correction. This is a common technical pattern. Generally, after the big positive candlestick is pulled up, it will continue the next day, at least there will not be a sharp decline. This is easy to fall into a range of shocks. Therefore, considering the reverse hand stabilization and bullishness, there is another way to go. There is a divergence in the evening and a direct unilateral rise, and it effectively breaks through yesterday's high of 62,700. The subsequent key resistance is referenced to the 65,500 area. At present, the main trend remains bullish.
BTC/4h chart
At the 4h level of Bitcoin, yesterday's rebound relied on the middle rail resistance to oscillate and decline. However, the attached indicator has a downward intention, and it will oscillate downward but there will be no continuous decline. It is predicted that it will run around the 59,500~61,700 range, supporting 59,500, and around 59,500 is a more suitable bullish point.
Strategy 1: It is recommended to short in batches at 59500~59000, stop loss at 58500, and target around 61500
The above is personal advice for reference only. Investment is risky and trading should be cautious