Settlement, position control, and selection are the three steps to success!

Bitcoin's Monday market had a bit of a plot twist. It started with a downward trend in the early morning, dropping to the edge of 67,000. The bulls gradually began to reclaim lost ground during the day, and in the afternoon, the price once again surpassed the 70,000 mark, continuously setting new historical highs. The evening peak reached around 72,800, completely opening up the upward space. With no historical pressure for reference in future trading, only the refreshed high points can be used as a reference standard.

Last week, we mentioned that if Bitcoin were to surpass 70,000 again, it would definitely continue to rise, reaching around 73,000 without any problem. The market also aligns well with our expectations. The 80,000 mark is within reach, requiring only a ten percent increase. The Bitcoin frenzy is in full swing. However, as everyone is cheering for 80,000 and 100,000, we need to be cautious of the risks. Another round of profit-taking is not far off, and a pullback is inevitable. However, it's important to find the right position. The current price does not support further chasing after the rise. Without a pullback, we won't go long. Instead, we will attempt to go short at the high points. This is the main strategy for short-term trading.

In terms of the weekly chart for Bitcoin, after four consecutive rebounds, it consolidated for a week and closed with a doji star candle. Currently, it has once again produced three consecutive positive candles, always relying on the five-day moving average for upward movement. From a technical perspective, there is no sign of a downward trend in technical indicators, and the bullish trend is evident. If a long upper shadow can be formed this week, the continuous positive trend may come to an end next week. With the support of the halving market, the price has also set new highs, so we need to be cautious of a potential downturn. Everyone should be cautious about going long and only go long after a pullback, especially in the event of a downturn.

In the smaller time frame, the early morning market showed consolidation and oscillation, with limited upward and downward space, hovering between 71,800 and 72,800. The five-day moving average and the ten-day moving average are close together, while the thirty-day moving average is facing upward, with the 60-day moving average closely following, symbolizing strong support around 70,400. The slight pullback in the early morning indicates an attempt to test the support below. We can first look at the Fibonacci line at 0.25 near 70,400 for support. If it can be successfully broken through, the market will have the opportunity to test the support at 70,300 near the 0.37 Fibonacci line below. The upward breakthrough in the early morning did not bring much new space for the high points, showing a tendency towards stability, as mentioned earlier. Since it has reached a historical high point, there is no longer any pressure for reference. We will use the high points as the reference standard.

Trading suggestion: Focus on long positions after a pullback. You can consider the early morning high point of 72,800 as a suppression point, and intervene appropriately near the suppression point to defend against short positions. Pay attention to the strong support at 70,400 below.

Due to the impact of the review process on the article's timeliness, for subsequent intraday adjustments, offline real-time strategies should be the main focus. The suggestions are for reference only. Follow my trades and make a profit. You can do it too! Rain or shine, I'll be waiting for you in the market.

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