1-hour BTC:

Bitcoin is currently retesting the high point and entering a correction phase. Due to concerns about long-term high interest rates, the market has experienced a significant decline and is currently undergoing a significant rebound.

Master Chen has noticed that many investors are currently in a state of hesitation, unsure whether now is a good opportunity to enter the market or if they should stop loss when trapped in a position. In low trading volume situations like weekends, the market direction may not be clear due to the impact of individual buying and selling behavior. Unexpected fluctuations are also more likely to occur, so everyone needs to be especially careful.

In the environment of long and short discrepancies in the past two days, it is crucial to grasp the support and resistance levels. Master Chen also suggests that everyone can refer to the trend line for trading.

The first resistance level for the day is at 63380, and the second resistance is at 64550. We can set the first resistance as a short-term resistance. If the price breaks through, Bitcoin will retest $64000.

If the 1-hour level fails to break through a new high after a decline, it may further consolidate sideways. So, for friends who are long, when the price reaches the vicinity of the resistance area, it is recommended to take profits first and then observe the market trend.

The first support for the day is at 62640, and the second support is at 62100. Therefore, for today's short-term trading, the first support can be considered as an entry point for long positions, which is near the rising trend line.

If the market falls below the lower side of the rising trend line, Master Chen will switch to a bearish mindset. In today's trading, considering that the price of Bitcoin has been slowly declining, we can look for areas to go long after a pullback in the small-scale trend chart and try to find opportunities for a rebound.

Given the current trading volume, Master Chen believes that it is not advisable to expect the market to break through the high point again in the short term. Master Chen expects the price to continue to consolidate and determine the direction after the convergence triangle ends.

5.5 Master Chen's Short-term Pre-set Orders:

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Long entry reference: Buy in batches in the 62640-63000 range, defend 500 points, target 63800-64500

Short entry reference: Sell in batches in the 64150-64550 range, defend 500 points, target 63380-63000

This article is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you need to understand more real-time investment strategies, how to get out of a trap, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope to help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily macro analysis articles updated across the network, mainstream coin and altcoin technical indicator analysis, and spot mid-to-long-term replay price prediction videos.

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