A sharp drop in the early Monday session is not a good sign. Can the European session continue?
Over the weekend, the Bitcoin market remained in a narrow range of fluctuations, with not much volatility. However, after rebounding around 86500 yesterday, the bulls did not continue the upward movement, instead, the price fluctuated downwards. In the early session, the price hit a low around 80000 before stopping the decline and rebounding. The current market is fluctuating around 82200.
Although the orders provided to everyone last night were unfortunately swept away in the morning, I have always reminded to keep positions light. I believe that this situation is not a big deal, and subsequent operations will certainly help my fans recover losses!
From a technical structure perspective on the four-hour chart, the current market has shown a three-wave decline. The downward trend has not yet completed, and the downward trend of the Bollinger Bands remains quite strong. In the short term, the price has repeatedly faced resistance in the 84000 area, indicating that bullish sentiment is weak, and there is a possibility of a further pullback to lower support. Therefore, it is not recommended to blindly chase the price upwards; the focus in the short term should be on shorting rebounds, with light positions as a supplement!
Specific operation suggestions can refer to the following two positions:
Short lightly in the 82500-83000 area, and if there is no continuation of downward movement in the 80000-79500 area, just take the profit!
