Moving Averages: The price is currently trading above the long-term moving average, indicating that the overall trend is still up. However, there may be some pullback pressure in the short term.
Support and resistance: The obvious resistance area is at $71488.82 (red area). If the BTC price touches this area, there may be a large selling pressure. At the same time, the strong support area is at $67273.67 and $62488.71 (green area).CCI indicator: The current CCI indicator is close to zero, but the previous CCI highs and lows show some obvious market volatility signals.
Divergence Indicator: The recent bearish signal remains, indicating that there is some downward market pressure.
Daily level short selling strategy profit analysis
Based on the above technical indicator analysis, if you are looking for a reasonable stop-profit position for short selling, the following suggestions are for reference:Initial profit target:
If the price falls below the current support level of $67,273.67, the initial profit target can be set near this level. This is a strong support level that may provide some support for the price.
Secondary profit target:
If the price continues to move downward, the secondary profit target can be set near the lower support level of $62488.71. This position is an important historical support level and a more reasonable profit point technically.
Further downside targets:
If the market shows a stronger downside trend, we can focus on the next larger support area, which is approximately between $55,000 and $50,000 on the chart.
