Attentive makes people tired, flowing freely in and out like clouds and water. It's always tiring to pursue perfection, so let go and good luck will follow. It's beautiful when things go as planned, so work hard to pursue your dreams. Let's continue to face this week with ease, and wish everyone a beautiful mood!
Bitcoin, after two retracements to the 25000 level last week, began a rebound and touched the 24800 area at its lowest point. Subsequently, it rebounded in a volatile manner, and the weekly structure recorded a bullish closing, completely dismantling the bearish trend of 4 consecutive months in August. From a technical perspective, there are signs of continuation at the weekly level, and the next step is expected to continue to test the previous high around the 28000 area.
Looking at the daily structure, the trend is very clear, showing an overall oscillating downward trend. Although there were rebounds during the day, they all fell sharply during the European and American trading sessions, and the magnitude of the declines was relatively large. During the decline, the rebounds were unable to hold, and the daily line continuously fell below the low. However, at the weekly level, it continuously closed with a doji at the low, showing a certain bottoming structure. This point has been mentioned by Lao Feng several times, and it is not surprising that a volatile rebound started last week!
In terms of operations this week, it is important to focus on testing the resistance at the 27300 area. Only by stabilizing the rebound can the weak pattern be ended. Pay attention to the support level around 26150 below. If this key area is held, then from a weekly perspective, it is still a rebound space for the bullish phase. The oscillating retracement at the weekend has a sense of momentum. If the support level is not broken, in the rhythm of the traditional Chinese festivals, the overall environment still supports the upward trend of the coin price!
For short-term reference, consider the 26250-26150 area and choose key positions to participate in bottom long positions, with the main expectation still being the stabilization of the 27300 area.
Gold
Directional bias: Short
Reference position: Short in the 26250-26150 area
Defensive position: Combined with a single position, the loss should be within 5%.
Target position: Looking for a 800-point space
For more information, follow the public account: Lao Feng Says Coins A
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