The main players continue to sell, and shorting remains viable.
Currently, from the daily chart perspective, BTC is experiencing a volume decline, with a volume-reduced rebound. The rebound height will not be too high, and MACD shows a death cross, indicating a trend for further correction. The current rebound is merely a bait to attract buyers; short positions should be opened on the rebound. It is unlikely to reach 110,000 again soon, and BTC's correction is not yet complete, with repeated fluctuations downward. The upper pressure is around 109,000, and the lower support is around 100,000.
On the four-hour chart, MACD shows a golden cross, indicating a short-term rebound demand, but the volume is insufficient, so the rebound height will not be too high. It is recommended to open a short position at 106,500, with a stop loss at 107,500 and a take profit around 103,000.
On the three-day chart, MACD shows a death cross, indicating a mid-cycle correction trend; short positions should be opened on the rebound.
Spring grows, summer declines, autumn rises, winter hides. There are cycles of ups and downs. The months of June, July, and August should be a time of downward fluctuations and market cleansing. Patience is required, as the right time to buy the dip in spot assets is in this season.
Here, it is also important to remind everyone that the cryptocurrency market is filled with uncertainties and challenges, but it also contains potential opportunities. Investors should fully understand the associated risks when participating in cryptocurrency investments, remain calm and rational, and adopt a prudent strategy to cope with market changes!
