6.26 Thursday Morning Thoughts
The Bitcoin index broke through the 108,000 point line last night but couldn't hold it, providing an opportunity for a pullback to add positions, and also gave a chance to exit at break-even.
In the morning, Bitcoin has been in a state of oscillation and adjustment, and the recent surge almost broke the 108,000 resistance level. As it stands, it seems to have stabilized around the 107,000 point line.
From the 1-hour candlestick chart, Bitcoin has basically been rising in small steps without significant pullbacks. This gives a lot of confidence to the bulls. However, just now, it briefly broke the middle track of the Bollinger Bands but quickly rebounded.
We'll see if it can continue to move downwards; the overall strategy is still primarily bearish.
Morning Trading Suggestions
Short Bitcoin between 107,500 and 108,000, targeting 106,000. If it breaks, continue to look downwards; if it doesn't break, consider going long.
