$BTC We mentioned two possible price trends a couple of days ago. Unfortunately, we chose the second option, which is to break below 66200. Although the daily line later recovered to above 66500, it is also the reason for today's rise back to 68000.
Currently, the price is still hovering at the upper edge. Although I am hopeful that Bitcoin can continue to rise, based on technical analysis, I really can't convince myself to go long at this stage.
Just now, the price almost filled the gap from the four-hour level drop (only missing by a little at 68100). I’m unsure if it will fill it again, but if it does fill the 68000 mark again, I will choose to open a small short position. Why choose to short again:
From the second chart, we can see that there is a large gap at the daily level for Bitcoin, with a low point at 63500. We can anticipate that if Bitcoin cannot smoothly break through the downward trend line this time, it may touch the orange lower edge shown in the photo again, which is expected to take about 13-15 days, also close to the full moon day in November❗️ Therefore, I will boldly go long at 63500.
👍 Opening positions
1. Short above 68000 for short-term.
2. Long when the price retraces to around 63500-64000 for long-term.
