Trend Analysis by Master Chen:

BTC 4-hour chart:

According to Master Chen's chart analysis from the previous day, Bitcoin has determined its direction at the end of the converging triangle and has experienced a significant rebound.

At the end of the converging triangle, there may be a decisive action to determine the direction, so it is advisable to observe before choosing a direction.

Currently, resistance is encountered at the 67.2K level, which was the range from May 18th to June 3rd, so opportunities for a rebound can be expected in the appropriate adjustment range.

Resistance Reference:

First Resistance Level: 67200

Second Resistance Level: 68250

If the first resistance level is broken, the price will retest the lower side of the previous resistance zone and can also maintain the rebound view.

If the current level of 66K is held, Master Chen believes this is a normal adjustment and will retest 67.2K again.

Support Reference:

First Support Level: 66300

Second Support Level: 65700

In the case of holding the first support, a sustained rebound can be expected. As there has been enough upward movement at present, it is advisable to observe during the consolidation after the rise and focus on the range of 66.3K to 67.2K.

Today's Trading Advice:

Maintain a rebound view in today's trading after the rise.

The area near the high point of 65.7K from the previous day is a favorable entry price range for long positions, which also has a good risk-reward ratio. Instead of chasing high prices, it is better to observe as much as possible and wait for a pullback opportunity.

7.20 Master Chen's Short-term Pending Orders:

Long Entry Reference: 65300-65700 range, gradually enter long positions, defend 500 points, target 66300-67200

Short Entry Reference: 67800-68200 range, gradually enter short positions, defend 500 points, target 67200-66300

This article is exclusively planned and published by Master Chen (WeChat Official Account: 币神师爷陈). If you want 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. Hopefully, it can help you find what you want in the cryptocurrency 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 replay price prediction videos.

Friendly reminder: Only the column official account (as shown in the image above) is written by Master Chen. The end of the article and other advertisements in the comment section are not related to the author. Please be cautious in distinguishing between true and false. Thank you for reading.

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