Intraday market experienced a rapid pullback in the morning to test the lower lows, then the price rebounded from the bottom. After touching the support level below, the price entered a fierce tug-of-war sideways consolidation trend. The current upward trend of the price is still ongoing. Bitcoin's high point reached 69,300, then it entered a high-level tug-of-war sideways consolidation phase. Looking back at the intraday real trading, the short positions in the morning gained 1381 points of profit, and in the afternoon, another 816 points. The short positions laid out in the evening were misled by the market pull signals, resulting in a loss of 876 points. Currently, we are in a position of adjusting the short positions. Overall, the intraday net profit still exceeds 1,000 points. For friends whose real trading has not been ideal recently, you might want to follow my rhythm. The key to maintaining a high win rate in real trading lies in our risk control.
On the four-hour chart, Bitcoin experienced a series of four consecutive bullish candles after a retracement near the lower band following a series of bearish candles. The current price is rapidly approaching the upper band. The four-hour MACD histogram has shifted from negative to positive, but the Bollinger Bands' narrowing pattern has not significantly changed due to the rapid rebound of the price. After a period of consolidation and repair, the market will likely face a new directional choice. The current outlook remains bearish as previously thought.
In the short-term hourly chart, the price sharply dropped in the morning to test support below the lower band, then rebounded with consecutive bullish candles. The price quickly moved to near the upper band, and with the rapid surge in the evening, the Bollinger Bands are expanding continuously. The bullish volume driven by the US market has been largely consumed. After consolidation and repair, we expect a pullback after a high spike in the early morning market. The short-term bearish outlook remains unchanged; shorting on rebounds is recommended.
Bitcoin short around 69,400, watch around 68,000. Second coin short around 2,040, watch around 1,980.
