Bitcoin slides into a downtrend, bears are in control, intraday trading advice: shorting on ralliesBitcoin continued its corrective rally yesterday, but the overall trend remains weak. Intraday prices repeatedly attempted to break through the 62,500 resistance but failed, and in the evening, prices experienced a strong pullback, erasing earlier gains gradually
Bitcoin slides into a downtrend, bears are in control, intraday trading advice: shorting on rallies
Bitcoin continued its corrective rally yesterday, but the overall trend remains weak. Intraday prices repeatedly attempted to break through the 62,500 resistance but failed, and in the evening, prices experienced a strong pullback, erasing earlier gains gradually. The price only bounced back after touching the low of 60,800.
Bullish sentiment is sluggish today, and the strength of the rebound has weakened again. If the price breaks below the 2-day Bollinger Band middle support at 60,500, it is likely to fall below 60,000. Looking at the daily chart, the price has closed with a bearish candle for three consecutive days. Yesterday's correction failed to break through and stabilize above 63,000, and the subsequent rebound has started to lose steam. The downward trend that was temporarily halted yesterday has resumed its momentum today. The intraday high near 62,560 is facing pressure, and the daily chart shows a long upper shadow, indicating that the resistance is still strong.
Looking at the short-term hourly chart, the EMA indicators are all above the price, and the overall trend remains weak. The intraday market has entered a slow rise and fast fall pattern, with the bears having a slight advantage. The 5-day and 7-day moving averages intersect at the EMA 240 to form a resistance level. If the price cannot break through it in the short term, it is likely to decline further. Otherwise, it will test the Bollinger Band middle track resistance near 62,500.
Bitcoin is entering a downtrend, intraday trading advice: shorting on rallies is the main strategy, and long positions should be secondary.
10.10 Bitcoin Short-Term Reference:
- Long: Pay attention to the situation of breaking the 2-day Bollinger Band middle support (60,500), buy between 59,500-60,000, stop loss at 58,500, target above 60,500.
- Short: Short between 61,500-61,800, target below 61,000, stop loss at 63,000, stop loss 300.
10.10 Ethereum Short-Term Reference:
- Short: Short between 2441-2460, stop loss at 2560, stop loss: 2590, target below 2400.
- Long: Watch for the range of 2340-2310, stop loss at 50 points, target above 2380.
This article only represents personal opinions. The information provided is delayed and subject to change. It is for reference only and should not be blindly followed!
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