250406 - Bitcoin $BTC Market Analysis
Today's Bitcoin Market: Bearish
Bitcoin is still consolidating near the downtrend line.
However, when we draw the Fibonacci sequence, we can clearly see:
Yesterday, Bitcoin was resisted and fell when it rose to the 0.236 weak resistance level. This is a bearish signal.
But is it really that bearish right now? Not necessarily. Because the U.S. stock market has recently plummeted, but Bitcoin's decline has been minimal. This seems to be somewhat of a slightly strong signal.
However, until Bitcoin truly breaks below the downtrend line, overall market conditions, in my opinion, remain bearish.
My trading strategy will still primarily focus on shorting.
Today's preset entry point for my $BTC :
Short: Entry range 83600~84300,
Take profit: 81300~81800
Stop loss set slightly above the previous high: 84900
