Establishing a Position, Managing Holdings, Selecting Positions - The Three Steps to Success!!!

Bitcoin's market performance yesterday was characterized by daytime consolidation and oscillation, uneventful and calm. In the evening, the market rapidly surged upwards, luring in more buyers, once again reaching a new historical high, and completing a downward pin insertion to shake out weak hands. The price dropped from 73400 to around 68500, approaching a decline of nearly five thousand points. Many people woke up to find that the price hadn't changed, but their positions were gone. Due to the high price of the coin, it is essential to control our positions when trading.

As mentioned in yesterday's article, another shakeout is not far off. Indeed, the market lured in more buyers in the evening and then lured in sellers in the early morning, completing the shakeout. Currently, we still need to be cautious about the risk of a pullback brought about by the high price. As the saying goes, the current price does not support further chasing of the rise. Without a downward pin insertion, we should not go long. Instead, we can consider attempting a short position at the high point.

In terms of Bitcoin's daily chart, yesterday's market closed with a bearish candle, breaking the pattern of six consecutive bullish candles. However, the long lower shadow indicates that the bulls still dominate the market. The candlestick did not break below the support of the 10-day moving average, and the rapid volume-driven decline was gradually stabilized and recovered. From a technical perspective, the technical indicators did not show a downward trend, and the bullish trend is evident. The price once again rose above the 72000 mark, essentially completing a full circle of up and down movements and ultimately returning to the consolidation level of the previous day. Today, we still need to pay attention to the pin insertion situation.

On a smaller time frame, the evening's upper shadow and the early morning's lower shadow indicate the current consolidation level. The market sentiment fluctuates, and yesterday's price is the same as today's price. After the death cross of the 5-day moving average with a surge in volume, the price found support from the 120-day moving average and quickly rebounded, directly rising above 71200. This is followed by a consolidation phase. Currently, the golden cross of the 5-day and 10-day moving averages has formed, and the price is above the middle Bollinger Band, with the upper band running parallel, exerting some pressure. The slight rebound in the morning indicates that the market continues to test the resistance above. We can first look at the Fibonacci line at 0.78 near 72400 for resistance. If it can be successfully broken, the market will continue to test and potentially refresh the high point. Below, we need to pay attention to the support near the Fibonacci 0.38 at around 70300, which is also a crucial level, serving as an important turning point.

Trading Recommendation: Pay attention to the resistance near 72550-72850. If it is not broken, consider entering a short position. Below, focus on the support at 70200, with particular attention to the pin insertion situation.

Due to the impact of the review process, for subsequent intraday adjustments, offline real-time strategies should take precedence. The suggestions are for reference only. Follow my trades, make profits, and you can do it too!!! Through wind and rain, I await you at Wolong.

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