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Bitcoin Technical Analysis
The daily trend of Bitcoin yesterday showed the characteristics of a particularly long lower lead, which shows that the market sentiment fluctuates greatly. It once fell below the ascending channel, but recovered when it was close to the bottom of the box, showing a certain supporting force.
We need to pay attention to the time when Bitcoin falls below the ascending channel and the time and position of recovery in order to better grasp the market trend.
In the trend at 12:00 U.S. time, Bitcoin once fell below the ascending channel and recovered around 29,600. This position may be a key support point. Near 29,600 is an important support area, there is a leading line showing a consolidation here, and a quick recovery also suggests support strength. On the one-hour level, the trend at 11:00 a.m. US time showed a 4-hour low near 29,600, which indicated that there may be short trading opportunities in the market. But the subsequent recovery back into the ascending channel is also a sign to watch.
NOT RECOMMENDED TRADING STRATEGIES
A. Intensive consolidation and short selling at the bottom of the box Although 29,500 serves as a strong support, intensive shorting at the bottom of the box is not conducive to the profit-loss ratio, because the market may reverse at any time.
Suggested Trading Strategies We recommend adopting the second b trading strategy at the top and bottom of the box, so that you can choose a better profit-loss ratio. Considering that Bitcoin is currently consolidating, it might be wise to see if it tests the range around 0.61830,950.
Large-scale observation of the top and bottom of the box to do second b trading opportunities
By observing the top and bottom of Bitcoin's box at the daily level, we can look for second-b trading opportunities, but we must pay attention to market risks.
Small-level false breakthroughs and hot-short behaviors need to be treated with caution At a smaller time level, small-level false breakthroughs and hot-short behavior may be misleading, and investors should be cautious.