It has been consolidating at a high level. What will happen next?

CN
27 days ago

Here is the English translation:

Analysis of the downside will be provided in the evening, but the market did not break out of the range overnight. After reaching above 58,000, it has been fluctuating within a few hundred points, as mentioned in the previous analysis. If you plan to position yourself this week, it is not advisable to hold for too long. There is a sense of space for a downward trend, otherwise, it will all be given back. For intraday trading, the overall market is basically stable above 58, and it remains strong this week. However, there has not been much breakthrough, and the current position is relatively high, making it easy to buy at the peak, which would be counterproductive. Therefore, it is advisable to position for a downward trend, but be cautious in the upward trend.

From a technical analysis perspective, looking at the daily chart, the pressure near the Bollinger Bands' midline continues to exert force. In the evening, it has been consolidating at high levels without breaking new highs. Although a golden cross has formed, to prevent a false breakout, it is still favorable to position for a short downward trend intraday. If you still want to go long, it is better to wait for the price to go down. We can position for a long trend when the price goes down. Looking at the smaller time frames, after the market bottomed at 52,500, it showed strong upward momentum, indicating a potential upward trend. However, after several days of consolidation at high levels, the moving average momentum has started to weaken. The Bollinger Bands are contracting, indicating an upcoming trend. The Fibonacci sequence shows support around 57,300, which can be used as a reference for positioning for an upward trend.

Chart

BTC Operation Suggestion: Short at around 58,300

Target: 57,300

Chart

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