In the financial market, the truth is always being revealed while lies have already spread throughout the city.
Hello everyone, I am trader Gege. Continuing from the last article, the short-term strategy for Bitcoin should have yielded results, and it was also mentioned that the daily chart has a probability of forming a double top, so be cautious about chasing the price. Aunt Bitcoin's upper boundary breaking and chasing orders was also in line with expectations, and after breaking through, it reached the 2880 level.
Before we start, let’s discuss the news from the past few days. Last night’s CPI data was favorable, all below expectations. Trump directly pressured Powell to cut interest rates by 100 basis points. Coupled with the previous tensions between Trump and Biden, old Biden compromised. However, this did not lead to a new round of price increases in the crypto market; instead, bad news from the Middle East caused the market to turn bearish. The conflict between Trump and Biden might be a carefully orchestrated scheme rather than a spontaneous act. Although there is a distinction between rulers and subjects, they will compromise for their own interests. For us small retail traders, it is impossible to rely solely on the news for specific operations; the news is merely for observation. It is crucial to have your own trading system, continuously executing and repeating it after being refined by the market. Trading is a monotonous and lonely game.
Enough small talk, let's return to the current market situation. After the Bitcoin daily level formed a hammer candlestick, it has pulled back with two consecutive bearish candles, and a double top structure seems to have formed. The market is testing the support near the middle track, and if it breaks down, it will continue to test the support above 103000. Therefore, in the short term, focus on whether the middle track can hold. The article on the 10th also reminded that although there is a strong bullish trend, respect the resistance at the previous high, emphasizing the need for a correction, and do not chase the price.
The 4-hour chart is currently testing support near the lower track and MA60, which can be referenced in the short term, and also corresponds to the daily middle track. Therefore, short-term strategies can be based on whether the daily middle track and the current 4-hour support can hold. Two areas will be given as short-term references. Aunt Bitcoin's technical analysis will not be covered today; the smaller time frame is also testing the support area, short-term references are as follows.
Bitcoin short-term: Buy at the 106800-106000 level, if it breaks, buy at the 104800-103800 level. Sell at the 108500-109500 level.
Aunt Bitcoin short-term: Buy at the 2720-2680 level, if it breaks, buy at the 2630-2580 level. Sell at the 2840-2880 level.
PS: Try to use the activated strategy only once.
Advice is for reference only, ensure risk control when entering, manage profit and stop-loss space on your own, specific strategies should be consulted in real-time.
Alright, friends, we will say goodbye until next time, wishing everyone more success in trading and smooth sailing in the crypto world! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice from Aunt Bitcoin, find Gege.
Written by: I am trader Gege, a friend willing to accompany you in making a comeback.
