Master Chen 5.9: The market support and resistance conversion. Can the shorts start to pay attention to the first support $BTC $ETH
BTC 4 hours:
The current price of Bitcoin has returned to the previous downward trend line after falling below 61,000. Although the downward trend has increased, Master Chen personally believes that if it continues to fall, it will be a good buying opportunity.
The first resistance of the day is 61,800, and the second resistance is 62,820. At present, BTC can only turn into a bullish trend when the price can return to the vicinity of the first resistance. Considering that the previous downward trend line has been lost, it needs to be converted from a support level to a resistance level in the short term.
In addition, Master Chen believes that even if there is a rebound in the short term, the downward space is still valid. Before breaking through the downward trend line again, Master Chen will continue to maintain a bearish mindset.
The first support for the day is 60230, and the second support is 59000. In the short term, the master will regard the first support as the low point, so short-term trading can try a short-term rebound near the first support. If it falls below the first support, the space below will open up further, and the medium-term short target will be down to 59000.
Therefore, in today's trading, the master will maintain a bearish mindset and trade accordingly. Secondly, during the rebound, due to the large resistance above, the master will plan to pay attention to the resistance level and adopt a short strategy.
If BTC wants to turn into a bullish trend, it needs to break through the previous downward trend line or break through the first resistance level.
5.9 Master's short-term pre-buried order:
Long entry reference: 59900-60300 range, long in batches, defense 500 points, target 61000-61500
Short entry reference: 61600-62000 range, short in batches, defense 500 points, target 60800-60300
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