Master Chen 5.11: The big Yin line will not be a V-shaped rebound. After consolidation, it is further bearish! $BTC $ETH #BTC走势分析 #5月市场关键事件 #比特币盈利

BTC4 hours:

Because Bitcoin was affected by the release of the US index last night, a long Yin line with a sharp decline was formed. Yesterday, the US consumer confidence index fell sharply, and the hawkish remarks of Federal Reserve officials followed one after another.

The long-term phenomenon of high interest rates continues, triggering concerns about stagflation. The market has also turned into a bearish trend. (Stagflation - high inflation accompanied by economic stagnation)

Because a long bearish K line was formed after the release of the data last night, Master Chen does not expect a V-shaped rebound in the short term. I personally prefer that the market will be clear after consolidation.

Since the market is still weak, the rebound of the market still needs good news and the main force to absorb and wash the longs as support.

The first resistance level in the short term is 61100, and the second resistance level is 61700. When the price breaks through the first resistance, a short-term rebound can be seen. If the price reaches the second resistance, then the master will only regard it as an adjustment range.

Because even if it rebounds, there are many resistances above, so the master will still maintain a short-term bearish view.

The first support level is 60270, and the second support level is 59250. First of all, the first support is an important support line that Bitcoin held yesterday, so if it is lost, it may open up a downward space to 59000, so it is important whether the price of Bitcoin can remain stable in the current consolidation range.

Then in today's trading, due to the formation of a large negative line, there is no sufficient rebound strength. Therefore, in the short term, the master will still maintain a bearish view and try to find a short-term rebound range.

In addition, the master emphasizes again that when the K-line forms a large negative line, it is often not a V-shaped rebound, but a further decline after consolidation!

Please refer to the following information when trading

5.11 Master's short-term pre-buried orders:

Long entry reference: 60000-60300 range, long in batches, defense 500 points, target 61100-61600 (please lighten your position when long)

Short entry reference: 61700-62000 range, short in batches, defense 500 points, target 61000-60300

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