1-hour BTC:

The price of Bitcoin is rebounding slightly within the range ahead of the release of the FOMC meeting and important inflation reports from the Federal Reserve.

Due to stronger-than-expected employment data, the market expects the timing of interest rate hikes to be extended, leading to a decline in Bitcoin prices. The market is currently focused on the CPI index to be released on Wednesday.

From the chart analysis, after forming a large bearish candle, the price of Bitcoin is gradually rising. However, if the CPI data performs poorly, it may form a bearish flag pattern, so please pay attention to this point.

Resistance levels reference:

First resistance level: 69800

Second resistance level: 70100

If the price breaks through the first resistance level and reaches 70000, the probability of retesting 70000 increases. If the price stays near 70100, it will be considered to have stabilized.

Although there may be a short-term pullback after reaching 70000, the gradual rise in price leads to the maintenance of a bullish view. However, if the price deviates from the upward trend, a change in view will be considered.

Support levels reference:

First support level: 69550

Second support level: 69200

When near the first support level, we need to observe whether the price will deviate from the lower side of the upward trend, and we can expect a rebound in the short term.

However, due to the presence of resistance from the previous high above, there may be a certain amount of pullback. If the price deviates from the lower side of the upward trend, a bearish view will be adjusted.

Today's trading advice:

As the price is gradually rising, we maintain a short-term bullish view. However, it is important to note that the price may deviate from the lower side of the upward trend at any time and observe whether a bearish flag pattern forms.

The price has not rebounded sufficiently from the previous large bearish candle, and the trading volume is decreasing. If the price lingers within the range for too long and the high points gradually decrease, there may be selling pressure. Therefore, closely monitor the trend of the upward channel in the short term.

Please refer to these suggestions when trading

6.10 Shiyechen's short-term pre-set orders:

Long entry reference: 68800-69200 range, staggered long positions, defend 500 points, target 69800-70100

Short entry reference: 69800-70200 range, staggered short positions, defend 500 points, target 69200-68800

This article is exclusively planned and published by Shiyechen (WeChat public account: 币神师爷陈). If you need to learn more about real-time investment strategies, untangling, spot contract trading techniques, operation skills, and candlestick knowledge, you can add Shiyechen for learning and communication, hoping to help you find what you want in the currency circle. Focused on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% trend-following; daily macro analysis articles updated across the network, mainstream coin and altcoin technical indicator analysis, and spot mid-to-long-term replay price prediction videos.

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