Bitcoin, driven by data yesterday, continued to strengthen, but after the data came out, the trend structure experienced pressure and fell back in Powell's speech. It quickly dropped after touching the 27300 level, playing a certain role in the rhythm change. The decline did not continue, and a rebound appeared shortly after, forming a short-term trend of probing the downside. Therefore, looking at today's market, the intraday trend is likely to continue to explore the bottom and rise continuously.

In terms of technical structure, the monthly line is above the 10-day moving average, the weekly line is stabilizing above the 60-day moving average, and the main trend is oscillating upward. The daily MACD is upward, still maintaining a predominantly positive closing trend. Yesterday, it was observed whether the closing line would form an engulfing pattern. In the past, the engulfing pattern in the candlestick chart has often marked the beginning of a market reversal. Therefore, if there is no engulfing pattern after the daily bearish line, it is seen as an adjustment trend, and the probability of continuing to rise after a short-term adjustment is relatively high.

The 4-hour moving average has a short-term support for the coin price to oscillate upward after the golden cross. Staying above the Bollinger midline, the bullish view remains unchanged today, with a visible strength to reach 28000, and a new high for the week could be seen at 28500. Looking at the small cycle, the coin price rose to 27300 and then fell back, testing the low point at 26800 at midnight, forming a low-level oscillation. Therefore, today's support level is at 26800, and the strength of the bullish view is at 27000. If the Asian-European session breaks through 27000, the American session will continue to look up to 27300. If the Asian-European session does not break 27000, then a low-level oscillation is expected in the range of 26750-27000.

Therefore, for intraday trading, it is advisable to rely on the support at 26750 for long positions, while focusing on the gains and losses at 27000 during the European and American sessions. The current upward cycle of Bitcoin has not yet been completed. The weekly three consecutive doji confirm the bullish foundation. After the adjustment, the bullish view remains unchanged in September and October. Do not let short-term adjustments affect the overall strategy.

Direction recommendation: Long

Reference position: Long at 27000, target at 27500, defend at 26700.

WeChat public account: Lao Feng Shuo Bi A

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