Yesterday, in the article by Master Chen, a long position was pre-set in the 66800-67200 range, and the market fell to around 67296 in the early morning. It then rebounded all the way to a high of 68480, but due to the entry point being only 96 points apart, the long position missed the entry.

Meanwhile, the pre-set short position in the 68100-68500 range fell to a low of 68548 at 10 pm last night, and then the market fell to 67296 in the early morning. The pre-set short position targets of 67700-67200 were perfectly reached in the article, securing a profit of over 1300 points!

BTC 4-hour chart:

As mentioned in Master Chen's chart analysis yesterday, Bitcoin fluctuated within a converging triangle pattern. It held the 120-day moving average and successfully broke above the converging triangle.

Therefore, during the day, Master Chen will focus on whether the important support line near 67200 can hold, in order to maintain a bullish view.

Despite the current market having bearish factors due to Bitcoin ETF market recording net inflows for three consecutive weeks, the main force may see this as a shorting opportunity. However, the overall chart trend also shows a rebound.

Having held the 120-day moving average yesterday and broken above the converging triangle with a large bullish candle, it is expected that raising the support line during the adjustment would be a good choice.

Resistance reference:

First resistance level: $68,660

Second resistance level: $69,120

Master Chen believes that at the current stage, one should not expect the price to break through the first resistance level, but rather focus on whether it can hold the first support and undergo retesting.

The probability of continuous formation of large bullish candles and an upward trend is low. Usually, after the formation of a large bullish candle, there is a correction, followed by another upward movement. Therefore, we can wait for a pullback before considering entry.

Support reference:

First support level: $68,140

Second support level: $67,700

Yesterday, Bitcoin broke through the first resistance level, so Master Chen adjusted it to a support line. If the first support line is held in the short term, the probability of retesting the high point will greatly increase.

If the price continues to rebound, then adjusting the support or resistance levels to cope with it will help maintain a reasonable risk-reward ratio.

Today's trading advice:

Since Bitcoin has broken above the converging triangle, short-term trading can mainly focus on the bullish trend. Pay attention to the fluctuation trend of the converging triangle before determining the direction. If it falls below the first support line, then pay attention to the trend of the 120-day moving average for trading.

Please refer to these suggestions when trading

6.3 Master Chen's short-term pre-set orders:

Long entry reference: Long in batches in the 66800-67200 range, with a 500-point defense, targeting 68100-68600

Short entry reference: Short in batches in the 68800-69200 range, with a 500-point defense, targeting 68100-67700

This article is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope to help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid- to long-term price prediction videos.

Friendly reminder: Only the column public account (as shown in the image above) is written by Master Chen. The end of the article and other advertisements in the comments section are unrelated to the author. Please discern carefully between true and false. Thank you for reading.

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