Technical analysis of Bitcoin (BTC): high-level shock consolidation, pay attention to the key breakthrough direction
Trend structure analysis
Daily level: The overall strong upward trend is still maintained, but it will enter the high-level adjustment stage in the short term.
4-hour level: Previously, it was a step-by-step upward channel, and the price climbed from 74,500 (double bottom support) to 112,000, and then fell back and fell below the upward channel, entering a horizontal consolidation.
1-hour level: It is currently in the correction range of the last round of rise in 4 hours, and a 101,500-106,500 shock box is formed in the short term.
Key support and resistance
Upper resistance: 106,500 (upper edge of short-term range), 108,000 (suppression of downward trend line)
Lower support: 101,500 (lower edge of short-term range), 98,000 (deeper callback support)
Operation strategy
Short-term trading (buy low and sell high within the range)
Long order reference: 101,500-102,000 area, stop loss 100,500, target 105,000-106,500
Short order reference: 106,500-107,000 area, stop loss 108,000, target 103,000-101,500
Swing trading (pay attention to trend breakthrough)
If the rebound is blocked at 106,500-108,000 (suppression of downward trend line), short orders can be arranged with a target below 101,500.
If it breaks through 108,000, it may restart the upward trend. You can go long after the pullback, with the target of 112,000.
Summary
Bitcoin is in a high-level shock correction in the short term. Before breaking through the 101,500-106,500 range, you can sell high and buy low. If it falls below 101,500, it may further pull back; on the contrary, breaking through 108,000 may continue the upward trend. It is necessary to pay close attention to the breakthrough of key positions and adjust strategies flexibly.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Signals:t.me/+CXftl_-QHEo2Yzc0
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.