Trend, Position Control, Position Selection, the Trilogy of Success!!!!!!
Bitcoin came with another dramatic drop in the early morning. Last time, it dropped from 64400 to 58600 directly with a bearish candlestick. This time, it refreshed the historical high and started the harvesting mode, dropping from 69400 to 59000, a drop of 10,000 points. The final result is still killing the short positions before slaughtering the long positions. The current market is in the stage of psychological game. What we can do is to control our positions and choose the best entry points to reduce our own risks.
On the daily chart, there is a large bearish candlestick, breaking through the support of the five-day and ten-day moving averages. After a bearish engulfing pattern, the five-day gain ended with a long lower shadow candlestick. After this rapid pullback, there is still room for repairing the lower shadow on the daily chart.
On the four-hour chart, the death cross of the five-day and ten-day moving averages has formed, and it is currently consolidating on the edge of the thirty-day moving average. The consolidation range of last weekend's market is 61200-62600, which has become a short-term support. Looking at the retracement trend line drawn from the high point, the temporarily pressured price is also 65100, which is also the position of Fibonacci 0.64. This position was tested twice yesterday, and the strong support has turned into strong resistance. The focus below is the bottom of the oscillation range from last weekend, with the price given around 61100, which is also the position of Fibonacci 0.25. This position is first above the six-thousand mark and still the main battlefield above six thousand. Second, it is the bottom of the previous box, also with strong support.
After the market has been washed out, it is facing a period of oscillation and consolidation, re-accumulating for the next round of harvesting. At least these two days will be much calmer, so let's focus on the range box for now.
Today's strategy: Short-term trading, pay attention to the resistance at 64800-65100 and the support at 60800-61100 for Bitcoin. Trade around this range for high selling and low buying, and wait for the market to break out of the range. In case of sudden market changes, we will make adjustments on the spot.
Due to the impact of the review time, for subsequent on-the-spot adjustments, the real-time strategy offline is the main focus. The article is recommended for reference only. Follow my trades and make profits, you can do it too!!!!!! Through wind and rain, Wolong is waiting for you.
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