BTC may rise and then fall back
Updated
Yesterday, the price rebounded to around 62,000 and fell as I predicted, but it fell to around 61,270 and rebounded again, but did not break through the previous high of 62,320. Today, it fell to around 61,140 and encountered resistance again, but from the current perspective, the overall trend is still falling, and the main trading idea is still to short at high levels.
Trading suggestion: If the price rises to the resistance range of 62,000-62,320, you can sell, with a target of 60,600.
If the price breaks through 62,320, it may continue to rise in the short term. I will update the market analysis in my guidance group at any time according to the emergency situation.
Trading suggestion: If the price rises to the resistance range of 62,000-62,320, you can sell, with a target of 60,600.
If the price breaks through 62,320, it may continue to rise in the short term. I will update the market analysis in my guidance group at any time according to the emergency situation.
Note
After hovering around 60600 for several hours, the price finally fell below 60600, and then ushered in the expected waterfall-like decline. I said that 60600 is the current long-short dividing line. If the price falls to around 60600 and rebounds, the downward trend may be reversed. Since the price has fallen below 60600, BTC should still be traded with a bearish mindset in the short term.
Trading suggestion: If the price rebounds to the resistance level of 60550-60800, you can sell it, with a target of 59000-59500.
The above trading suggestions are for reference only. I will update the market analysis in my guidance group at any time
Note
BTC encountered great resistance when it fell to around 60,000, and then a V-shaped reversal occurred. According to normal market logic, if the price falls below the important resistance level of 60,600, the downward trend should continue, but the price rebounded too strongly today, and it broke through 60,800 without any hesitation. This is why I did not notify members to sell and open positions. At present, it seems that the large range of 58,500-60,000 has great resistance. Whether it can fall below this range in the short term remains to be seen. I still stick to my previous point of view. As long as the price is below 62,460, the general trend is still bearish.
Trading suggestions: In the short term, focus on the resistance range of 60,800-61,250. If the price rebounds to the range of 60,800-61,250, you can sell it, and the target is 59,500-60,000
The above trading suggestions are for reference only. I will update the market analysis in my guidance group at any time
Note
As the downward trend line I drew in the picture, BTC has not broken through this downward trend line in the past month. Every time it rebounds to the trend line, it starts to fall. If the price does not break the trend line, the downward trend will continue. Now the price rebounds to the trend line again, and aggressive investors can sell.
Trading suggestion: The price can be sold in the range of 61400-61800, with a target of 60000-60600.
The above trading suggestions are for reference only, and I will update the market analysis in my guidance group at any time
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