BTC Analysis:
First of all, Jinrui believes that this sudden drop may be the last opportunity for the bulls. Today, I will also share some strategies for coping with this decline.
The reason for this sudden drop is first the deterioration of the situation in the Middle East and the risk-averse market, and then the inflow of funds into safe assets, leading to the decline of the cryptocurrency market.
However, we don't need to worry about these two pieces of news. Perhaps this is a buying opportunity? Don't be misled by news reports, etc. Use our technical indicator capabilities to do some strategic analysis.
In addition, Jinrui believes that these impacts are mostly short-term, and the market will recover after the news ends. So we need to be patient, and it's important not to be impatient. Trade with a long-term perspective. 👍 Next, Jinrui will share how we should respond ☝🏻.
"BTC Daily Chart":
As it has broken through the trend line and the neckline of the double top, entering a weekly-level adjustment, our next focus will be the 75EMA on the daily chart. If it falls below $60,000 to $59,500, Jinrui expects it to break the lower limit of the daily range and the price will accelerate its decline.
The long lower shadow on the daily chart yesterday indicates the possibility of a sufficient rebound. I expect the market to negate the upward trend of the double top.
"4-Hour Chart":
Currently, Jinrui personally believes that it is better to wait and see for now, because the RSI indicator also shows oversold conditions, and the market at this stage will lean more towards the bearish side 📉.
So, the point we can focus on in the near term is to short the rebound from $65,000 to $65,500, which is also the position for support-resistance conversion. Jinrui only recommends confident traders, so setting a stop loss is necessary. 👍
If a long lower shadow is left on the 4-hour chart today, the market may have a comprehensive rebound. Jinrui believes that there is a high possibility of returning to $67,000. If the RSI indicator exceeds 30, that is a buying signal, which is also a strategy.
So, until it falls below $60,000, Jinrui will continue to be bullish ⤴️ on the recent market.
Finally, Jinrui emphasizes once again that this drop was within the expectations of many people before the halving cycle. I will post updates at any time. If this is helpful to you, I hope you will like it ❤️ and follow it, and I look forward to your support.
I have many years of in-depth research on spot contracts, BTC, ETH, and other various altcoins. If you are not doing well in trading, experiencing long-term losses, or getting stuck in trades, you can follow my public account (Coin Circle Jinrui). Investment involves risks, so be cautious when entering the market. The market fluctuates every day, and all I can do is to use my years of practical experience to help everyone make investment decisions and manage operations in the right direction.
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