Bitcoin, yesterday broke through the short-term consolidation range and continued to rise. The daily price attacked the 10-day and 20-day moving averages, encountered resistance, and quickly retraced, closing with a neutral candle. The overall trend is still in a weak state.

In terms of the intraday structure, the current main participation layout is mainly short. The early morning rebound high point is around 27,275, so the area around 27,300 is used as a dividing point for the intraday layout. If there is no effective rebound around midday, the weakness will continue effectively.

From the perspective of the market, after a short-term consolidation, there has been a four-day consecutive rise, indicating a short-term continuation of the bullish trend. However, the overall rebound momentum is still not strong. The Bollinger Bands on the hourly chart have opened for the second time. Once it breaks through 27,700, it will inevitably reach above 28,000. If the European session continues to weaken, then a second decline in the bearish trend will occur in the 4-hour cycle, with the focus of the decline being the low point support around 26,700.

Although it is uncertain whether it will break the low during the US session, based on the current short-term trend, Bitcoin still belongs to a weak operation. Short first on the rebound, with support in the long.

Bitcoin

Directional bias: Short

Reference level: Consider going short around the short-term area of 27,300 for testing pressure!

First target is around 26,700, with defense at 27,750.

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