Master Chen 5.12: If the market fails to make up for the rise and repair the indicators, will it break the important support and open the downward space? #BTC走势分析 #比特币 #ETFvsBTC #香港加密货币ETF

4 hours:

Since Bitcoin continued to fluctuate in the range yesterday, Saturday, today's analysis is not much different from the previous day. However, based on the current consolidation range, Master Chen raised the first support level to $60,500.

Because if the price of Bitcoin forms a long negative line after the shock and then fails to make up for the rise and repair the indicators, then there is a possibility of continuing to fall, so at this time it is more important to pay attention to whether the price can stabilize at the bottom of the shock box range.

The first short-term resistance is 61,100, and the second resistance is 61,700. When the price breaks through the first resistance level and can stabilize in this range, then Master Chen will maintain a short-term bullish view.

So it seems that the master will regard the first resistance level as a short-term resistance. If the price breaks through, it is necessary to pay attention to the resistance of the 20-day moving average and analyze it from the perspective of adjustment.

The first support is 60500, and the second support is 59250. In the day, we can set the first support as an important support line because it is the low point maintained during the consolidation process.

If it falls below this support line, the low point will fall lower, so the master believes that the price will open up the largest downside space after falling below around $59,000.

However, if the price falls below the bottom of the box range, then compared with the continued sharp decline, a short-term rebound can be expected around $59,000 in the medium term.

So in today's trading, the master will continue to maintain a bearish view for the main short-term trading.

But if the price breaks through $61,100 today and stabilizes, then the master will turn to a bullish view. But it is not too late, so the master will look at the decline from the short-term trend.

Please refer to the following information when trading

5.12 Master's short-term pre-buried orders:

Long entry reference: 60200-60500 range, long in batches, defense 500 points, target 61100-61400

Short entry reference: 61100-61400 range, short in batches, defense 500 points, target 60500-60000

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