Master Chen 4.22: Halving ends, bulls look to the weekly high.

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师爷陈
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1 year ago

BTC 1-hour:

After the halving of Bitcoin production, it is still maintaining a sideways consolidation. It is expected to retest the price level of 65,000 today.

From the current situation, the low point has temporarily found support, so the outlook remains bullish. However, since the candlestick chart is close to the uptrend line, if it breaks below the uptrend line, it may lead to a short-term decline.

In the morning, Bitcoin retested 65,700 and then fell back. If it tests 65,000 again, the current bullish trend will likely see an increase to 66,000.

The short-term range is between 64,500-65,000, with the first resistance at 65,000 and the second resistance at 65,680. Once the price breaks the first resistance, we can expect the bullish momentum to reach the weekly high of 65,700. If it breaks through and stabilizes above 65,000, the bullish outlook will be maintained.

However, after the price breaks 65,000, it is not advisable to immediately maintain a bullish view and go long. It is necessary to first observe whether the price stabilizes above 65,000.

The first intraday support is at 64,500, and the second support is at 64,100. The first support on the 1-hour chart coincides with the uptrend line, so it can be considered as a short-term entry range, and 64,500 can be set as a key support level.

If the price falls below the first support, consider this as a trend breakthrough range. Therefore, we can set the downside target near 64,000 and pay attention to whether the falling candlestick forms a lower shadow.

The current price is still above the uptrend line, and the low points are also rising, so the bullish view is still maintained.

If the price falls below the area near the trend line, do not rush to switch to a bearish view. Instead, expect selling pressure to form and observe whether the candlestick forms a lower shadow, in order to seek opportunities for short-term rebound.

4.22 Short-term Pre-set Orders by "师爷" (Master):

First entry reference for long position: 64,350

Second entry reference for long position: 64,730

Third entry reference for long position: 65,750

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