Only with a calm mind can one achieve great success in investment. Making money is the only goal, everything else is just empty talk. Making money is the key. Hello everyone, I am AICoin Jinrui!
In today's article, Jinrui will share my personal views on the market situation before the halving.
After breaking through the strong support level of $60,000 to $61,000, Bitcoin briefly fell to $59,000 due to the decline in rate cut expectations and reduced risk appetite, leading to a downward trend in the market.
How much further will it fall? Is there a possibility of an upward trend? Jinrui would like to share my current views.
[Weekly Chart]
Firstly, from the weekly chart, Jinrui believes that there is a possibility of a rebound to $71,000 in the later stage, as the current decline is also maintained at around 20%. However, if the price falls below $59,000, considering it is also near the 25EMA on the weekly chart, Jinrui expects it to further decline to $52,000.
[Daily Chart]
At the daily chart level, there are currently two completed double top patterns, which is a bearish signal (see the above picture). Usually, the decline in a double top pattern is equivalent to the difference between the two tops, so Jinrui expects the price to fall to $57,000.
If the market is to turn into a bullish trend, it needs to break through the 25EMA at the daily chart level. As a buying point, the area of $59,000 to $60,000 where the daily 25EMA coincides with the lower limit of the range is a good choice for setting up a medium-term long position.
[4-hour Chart]
At the 4-hour chart level, it is currently in a downward triangle consolidation pattern and shows weakness. On the 4-hour chart, it is worth noting the 4-hour 25EMA (63,449).
Jinrui suggests that a short position can be taken based on the 4-hour 25EMA (63,449) as a resistance level for intraday trading. If the price breaks through the 25EMA, a small stop loss can be implemented, and then observe the retracement to the 25EMA for a long position, with the target price for the retracement long position being around $64,500.
If the price breaks upwards, further upward movement is expected, and we can switch to a bullish mindset and look for further upward movement.
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I have years of in-depth research on spot contracts, BTC, ETH, and various altcoins. If you are not doing well in trading or experiencing long-term losses and being trapped in trades, you can follow my public account (AICoin Jinrui). Investment involves risks, so be cautious when entering the market. The market fluctuates every day, and all I can do is to provide help based on my years of practical experience, guiding your investment decisions and management in the right direction.
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