Master Chen 5.20: Important support focuses on 120MA, mainly low and long in the box range

BTC 1 hour:

Due to the increased possibility of interest rate cuts in the United States, Bitcoin has risen by about 8% and is continuing to consolidate. Institutional investors are also increasing their interest and capital inflow in Bitcoin and ETFs due to the increased possibility of interest rate cuts in the United States.

In the medium and long term, Master Chen believes that the bullish view can still be maintained, but the probability of adjustment and box shock in the short term is high, so it is recommended to focus on box trading.

The first resistance reference is 67150, and the second resistance reference is 67730. First of all, the first resistance is also the previous high point of 67150, so it is necessary to observe the stabilization of the support below and pay attention to the retracement after breaking through the resistance.

If Bitcoin breaks through the resistance, then we need to pay attention to whether there is a move to raise the low point!

The first support of the day is 66480, and the second support is 65900. If the price can hold the first support in the short term, the probability of a rebound will increase greatly, but since the first support is a short-term support, Master Chen currently judges that the price may fall below the first support.

If the price falls below the first support, then we need to pay attention to the trend of the 120-day moving average and the rising channel as the support area of ​​the lower edge. I personally think that the probability of rebounding in this range will also be relatively high.

For today's trading, you can give priority to maintaining a bullish view. You can wait patiently for the entry position in the consolidation range before operating.

I suggest that 66500 or so be an important short-term support, and mainly carry out low-long operations based on the trend of the 120-day moving average. Since the high point is lowering, pay attention to the appropriate stop-profit of short-term profits when the market rebounds.

Please refer to these suggestions when trading

5.20 Shiye short-term pre-buried orders:

Long entry reference: 66100-66500 range, long in batches, defense 500 points, target 67200-67700

Short entry reference: 67300-67700 range, short in batches, defense 500 points, target 66500-66100

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