Cryptocurrency Circle Scholar: 3.21 Bitcoin Cloud Cover Confirmation! Any rebound is an opportunity! Latest market analysis and thought reference
Bitcoin's current price is 69,900. The BTC market in the past few days has perfectly confirmed the trading logic that following the trend is king. From reaching a high and peaking to breaking down and correcting, every step has been within expectations. Those who positioned southward above 71,200 yesterday afternoon have already locked in profits. The market is still in a weak consolidation, and any rebound is a window for short selling. Don't be misled by short-term stabilization; strictly adhering to discipline is the key to long-term profits!
The daily line shows a peak at a high position. After a bearish candle with increased volume from the high of 75,998, it is now weakly oscillating around 69,600. The K-line has formed a cloud cover at a high position, breaking through the key support at 74,000, confirming a short-term peak signal. The price is still operating around the middle track of the Bollinger Bands at 70,038, but the MACD red bars are quickly turning green, and the DIF is turning down, indicating a significant weakening of bullish momentum, with bears starting to dominate the market. The key positions of 74,000 and 75,000 have shifted from support to strong resistance, with strong support at 68,750 and 69,000 below.
The four-hour weak rebound cannot change the weak pattern. After a sharp decline, it bottomed out at 68,750 and is currently weakly oscillating around 69,600. The EMA moving averages have formed a bearish arrangement, with prices firmly pressed below the middle track at 71,459. Any rebound is a lure for longs, with the MACD green bars continuing to expand, and RSI dropping to around 32, indicating that short-term bearish momentum is still being released. After the excessive decline, there may be a slight rebound, focusing on resistance above at 71,000 to 71,500 and support below at 68,750 to 69,000. The probability of oscillation within this range during the day is high; if it breaks down, it will continue to decline.
Short-term strategy reference: The market is not 100%, so always set stop losses. Safety first; small losses and large profits are the goal.
Buy from 68,800 to 69,000, with a stop loss at 68,500, targeting 69,800 to 70,000. This is to gamble on an excessive rebound, not a trend buy; it is recommended to control positions, with small stop losses and quick entries and exits! Absolutely do not get attached to the battle.
Sell from 70,900 to 71,200, with a stop loss at 71,500, targeting 70,000 to 69,500. If the price breaks below 69,000, continue to look at 69,000 to 68,500.
In the cryptocurrency circle, it has always been the case that the early-aware profit, the later-aware drink soup, and the oblivious take the bill.
Specific operations rely mainly on real-time market data. For more information details, you can consult the author. There may be delays in the publication of the article; suggestions are for reference only, and risks are borne by yourself.
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