Bitcoin rebounded again after a weekend of fluctuating declines, and the low long strategy we laid out on Friday has also gained good space.
Currently, after the weekly K update, Bitcoin is oscillating near the MA30 daily moving average. Although the MA5 and MA10 daily moving averages are slightly pressing down on the price, the lower Bollinger Band is continuously rising, and the bearish sentiment in the MACD and KDJ indicators is showing signs of contraction. If the bulls exert strength again this week, Bitcoin will test the resistance of the weekly K MA10 daily moving average, with a price reference around 92,000.
On the daily chart, Bitcoin has once again moved above the middle Bollinger Band and the MA30 daily moving average, and the MA5 and MA10 daily moving averages are showing a slight upward trend in the short term. The indicators suggest strong bullish sentiment in the short term. Combining this with the 12-hour chart, the current price is oscillating upward along the upper band, and the MA30 daily moving average is starting to turn upward. The short-term support has shifted to around 84,000. If the price cannot break this support on a pullback, it will likely head towards the daily upper band at the 90,000 mark.
On the 4-hour chart, the current K line has five consecutive bullish candles, and the TD indicator has reached TD 9 and is now lagging. The price is currently oscillating upward along the MA5 daily moving average, indicating an increased probability of the TD indicator lagging to TD 13. Judging from the hourly chart, the current indicators are lagging significantly, and the short-term trend is leaning towards a slight upward oscillation. However, there is still some resistance near the 90,000 mark on the daily chart, so in the short term, we are bullish but not chasing the price. We will wait for the price to rebound near the resistance before lightly positioning for short trades, and then enter low long positions on a pullback.
Trading strategy: Bitcoin: Short at 88,700-89,500, target: 87,000-85,000, stop loss: 90,000.
Ethereum's movement is basically in sync with Bitcoin, but the trading volume is relatively small. The price is about to touch the daily MA30 moving average resistance, and the overall trend is weaker than Bitcoin, so the short-term strategy is to set up short positions on rebounds at high levels. Trading strategy: Short at 2,095-2,120, target: 2,060-2,010, stop loss: 2,135.
For now, this is the outlook, and updates will continue.
Personal opinions are for reference only. Those who follow should pay attention to risk management, and specific entry and exit points should be guided in real-time. Caution is advised when entering the market.
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