Master's Trend Analysis:

BTC 1-hour chart:

Bitcoin has broken through the downtrend line and, during the pullback, is significantly higher than the previous low, leading Master to judge the current point as a turning point in the trend.

Despite concerns about the potential selling of Bitcoin by Mt. Gox creditors leading to a market decline, the influx of buying pressure due to the perceived overselling leads to a predominant view of a rebound.

Although concerns about the amount of Bitcoin to be repaid by Mt. Gox may lead to a short-term decline, it is expected to rise again in the long term, and can be seen as a short-term buying opportunity.

Resistance Levels:

First Resistance Level: 58400

Second Resistance Level: 59100

When the price breaks through the first resistance level, it can be expected to test 59k again. As the first resistance level coincides with the 120-day moving average to form a high point, Master believes this is also the current strong resistance level.

If the support level below can be maintained during the market adjustment, the probability of breaking through the resistance will greatly increase.

Support Levels:

First Support Level: 57700

Second Support Level: 57180

The short-term low point set by Master is an area with a good risk-reward ratio. If it falls below the first support level in the short term, Master suggests setting the 20-day moving average and the 60-day moving average as the first and second support lines, and conducting phased trading.

Today's Trading Suggestions:

Currently, it is a period of consolidation after the rise, and because it has held certain support levels, a short-term rebound view can be maintained.

When conducting rebound trades, attention can be paid to the low points of smaller time periods, and the 20-day and 60-day moving averages can be set as phased targets before entering positions.

Please refer to these suggestions when trading

7.7 Master's Short-term Pending Orders:

Long Entry Reference: 56800-57200 range for phased long positions, defend 500 points, target 58400-59000

Short Entry Reference: 59100-59500 range for phased short positions, defend 500 points, target 58400-57700

This article is exclusively planned and published by Master Chen (WeChat Official Account: 币神师爷陈). If you need to learn more about real-time investment strategies, untangling, 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 updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid-to-long-term replay price prediction videos.

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