A new week has begun, good morning everyone!
At midnight yesterday, a short position was suggested first, followed by a sell strategy. The price of Bitcoin failed to rebound and instead declined directly, breaking through the repeatedly tested low point of 95500 and stopping around 94600. Currently, it is again slightly rebounding at around 96000, and the overall trend continues to weaken.
With Trump hinting last week about plans to announce reciprocal tariffs against several countries this week, coupled with mixed signals from the previous non-farm employment report, and a plunge in the US stock market where the three major indices fell over 1%, erasing the gains of the week, the cryptocurrency market has also been affected and continues to weaken, with daily candles consistently showing long upper wicks. The correction pattern remains. At the same time, on the 4-hour chart, the price continues to operate within a descending channel, with lows and highs gradually moving down. After a brief breakthrough of the middle track yesterday, the price fell back again, and the moving averages continue to trend downward, indicating a strengthening bearish sentiment. Therefore, the morning strategy remains slightly cautious with a preference for short positions!
On Monday morning, Bitcoin is suggested to consider shorting in the area of yesterday's high point of 97000-97300, while the first support to watch below is the low point of 94600 from early morning. If it breaks below, continue to watch around 93000.
