Master's Trend Analysis:

Bitcoin is undergoing a correction after testing 64K.

Although it has broken below the lower support line of the ascending channel, as mentioned by the master yesterday, the current price is still holding the second support line at 62.7K and undergoing a short-term rebound.

The price is currently fluctuating within the box area, so the master believes it may be appropriate to switch to a bearish view at the right time.

It is advisable to wait for a break below the lower boundary of the box and confirm the downtrend before making a judgment. Due to the bullish market sentiment, it is recommended to continue to maintain the view of rebound after the pullback and look for entry opportunities.

Resistance Levels:

First Resistance Level: 63300

Second Resistance Level: 63800

Only when the price breaks above the first resistance level, further rebound is expected. Therefore, when testing the first resistance, it is necessary to pay attention to whether there is an increase in trading volume.

If the coin price breaks the first resistance level again, the possibility of an uptrend will increase. Therefore, please pay close attention to the support at 62.8K and use it as the basis for entry.

Support Levels:

First Support Level: 62700

Second Support Level: 62200

The first support level is also an important support in the short term. If the coin price breaks the first support level again, it may form a lower low and open a downtrend towards around 62K.

The master currently believes that the long lower shadow formed at 62.7K provides a foundation for the rebound. In this process, it is crucial to avoid the current candle being engulfed by the previous bullish candle, that is, to avoid the formation of a bearish engulfing pattern.

In today's trading, although breaking below the lower support line of the ascending channel has increased bearish sentiment, the price is still fluctuating within the box range. Therefore, in the short term, it is still advisable to maintain a view of rebound.

After significant volatility in the market, the direction is not yet clear. Therefore, the master suggests focusing on the upper boundary of the box and waiting for a breakthrough before determining the next trading strategy.

Master's Short-term Pending Orders on September 24:

Long Entry Reference: 61700-62200 range, gradually enter long positions, with a 500-point defense, target 62700-63300

Short Entry Reference: 63300-63800 range, gradually enter short positions, with a 500-point defense, target 62700-62200

This article is exclusively planned and published by Master Chen (WeChat Official 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. 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 analysis of mainstream coins and altcoins, and spot mid- to long-term replay price prediction videos.

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