Trend Analysis by Master Chen:

BTC 4-hour chart:

After a decline, Bitcoin has continued to exhibit a bear flag pattern. If there is a significant and sustained decline, the bear flag pattern may appear multiple times.

Due to the ongoing concerns about Mt. Gox's sell-off, Master Chen will maintain an overall bearish view until a significant trend reversal occurs.

Resistance Levels:

First Resistance Level: 55900

Second Resistance Level: 56750

At this stage, Master Chen believes that the bottom has been raised. If the current 4-hour candlestick closes, it may retest the first resistance level.

If there is a rebound, attention should be paid to the resistance above. Adjusting the viewpoint for operation is also a good risk-reward range.

Support Levels:

First Support Level: 55000

Second Support Level: 54300

The current candlestick has formed an upper shadow. If it falls below the first support level, it will increase selling pressure. Master Chen expects a possible short-term decline to 54k.

However, near the second support level, we can expect a technical rebound in the form of a double bottom, and consider entering a short-term long position.

Today's Trading Advice:

In today's trading, it is advisable to maintain a bearish view. Due to weak buying pressure and limited rebound strength, Master Chen suggests looking for additional upward deviation ranges for trading.

Operating only in the weak rebound range is a safer trading method.

Please refer to these suggestions when trading

Master Chen's Short-term Pending Orders on July 8th:

Long Entry Reference: 53900-54300 range, staggered long positions, defend 500 points, target 55000-55900

Short Entry Reference: 56800-57200 range, staggered short positions, defend 500 points, target 55900-55000

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 cryptocurrency 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, mainstream coin and altcoin technical indicator analysis, and spot mid-to-long-term replay price prediction videos.

Friendly reminder: This article is only written by Master Chen's official account (as shown in the image above). The end of the article and other advertisements in the comments section are not related to the author. Please discern carefully between true and false. Thank you for reading.

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