Bitcoin Intraday Narrow Range Fluctuation, Bearish Sentiment Remains Strong, Short-Term Trading StrategyBitcoin price continued yesterday's consolidation trend today, failing to break through the key resistance above. The price is currently retracing to around $63,000
Bitcoin Intraday Narrow Range Fluctuation, Bearish Sentiment Remains Strong, Short-Term Trading Strategy
Bitcoin price continued yesterday's consolidation trend today, failing to break through the key resistance above. The price is currently retracing to around $63,000. In the short term, a pullback to the $62,600 level has occurred, and the strength of this support needs to be closely monitored. If broken, the price is expected to test the $62,000 level. The current trend has entered a correction and consolidation phase, and the short-term trend is expected to be dominated by wide range fluctuations.
After yesterday's significant selloff, the market has entered a quiet adjustment period. The intraday trading strategy focuses on finding suitable opportunities for high-selling and low-buying. However, it is important to note that yesterday's plunge has led to heavy panic in the market, and bullish sentiment has dissipated. If the market fails to achieve a good rebound, the downward trend may continue, and investors are advised to prepare for it.
The intraday rebound of Bitcoin has weakened, and short-cycle resistance is gradually shifting downwards. If the $63,800 resistance zone cannot be broken, the price is expected to decline further. The current trend has already touched the $63,000 support level, with multiple consecutive negative candles on the four-hour chart, indicating a strong bearish sentiment.
Trading Recommendations:
- Long: Buy at $62,500 - $62,200, set a stop-loss at $61,000, and set a target price above $63,000.
- Short: Sell at $63,600 - $64,000, set a target price below $62,900, set a stop-loss at $65,300, and set a stop-loss at 300 points.
Please note:
This content represents personal opinions only and does not constitute investment advice. Market conditions are constantly changing, so please exercise caution and take responsibility for your own risks.
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