Master Chen 4.18: Pre-halving selling pressure intensifies false rebound? Pay attention to the descending wedge #比特币减半 #大盘走势
BTC 1 hour chart:
Bitcoin halving is only 2 days away, and it is currently rebounding after yesterday's adjustment. The market is in an unfavorable position due to the intensified selling pressure before the halving and the impact of macroeconomic unfavorable factors such as the delay in interest rate cuts hinted by Powell.
Master Chen said in previous articles and videos that this halving is different from the past, and many investors also remain cautious.
The current rebound should not be simply regarded as a real upward rise. I think everyone should pay attention to the movement in the descending wedge and observe whether it can hold the support of the lower point for further decline.
At the end of the descending wedge, if the upper pressure level is broken, it can be preliminarily determined that it is a signal of trend change and maintain the view of rebound.
The first resistance level during the day can be 62400, and the second resistance level is 63100. When the price breaks through the first resistance, there will be a high probability of retesting 63000, which will be a trend turning point above the descending wedge.
However, from the current market situation, it is not a unilateral rise, and the rebound phase is often accompanied by adjustments. Therefore, near the first resistance level, the possibility of a breakthrough is small, and the master believes that it is more likely to have further adjustments at the short-term level.
The first support level during the day is 61650, and the second support level is 61000. At present, it may be adjusted to the first support level, and the second support can be seen in the largest adjustment range. If it falls below the second support level, then my bearish view will be higher, and it may last until the last part of the descending wedge.
In the short term, we can expect a rebound near the first support level and regard it as a smaller stop loss range. In today's trading, we can observe the price dynamics of the market within the descending wedge range, and we can also flexibly handle long and short positions.
Finally, the master believes that in the current market environment, it is not advisable to hold long-term positions. Even if the market rebounds, it may be followed by a larger adjustment, so it is a better strategy to stop profit in time when making a profit.
Given that many institutions and investors remain cautious and face uncertainty. If you currently have plans to enter the market, the master recommends short-term operations.
4.18 Master's short-term pre-buried orders:
BTC:
The first entry position for long orders is 61650, the second entry position is 61000, and the target is 62400-63000
The first entry position for short orders is 63100, the second entry position is 62400, and the target is 61650-61000
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