1-hour BTC:

Currently, Bitcoin is still showing a downward trend on a short-term level and is also oscillating within a descending wedge. In this situation, we maintain a short-term bearish view and observe the trend line at the end of the candlestick chart to find opportunities for long positions in the event of a rebound.

However, the most concerning issue in the current market is the selling pressure caused by Mt. Gox. Even though the price is falling in the short term, in order to maintain a bullish long-term outlook, market demand must be supported. Therefore, we will also pay attention to the inflow and outflow of institutional funds.

The first resistance for the day is at 63300, and the second resistance is at 63760. There is an overlapping area near the first and second resistances, so when the price is near the first resistance, it may be considered for a short-term directional adjustment.

If the market breaks through the first resistance with a large bullish candle today, it may break the downward trend line faster than expected, and we will then shift to a bullish mindset.

The first support for the day is at 62550, and the second support is at 62000. If the short-term price falls below the first support, it will open up a downward channel to 62000. However, we can consider the first support as an important support level and look for opportunities to go long in this range.

In today's trading, considering the possibility of sideways consolidation over the weekend, we can treat the first support and resistance as a short-term trading range.

If the bearish trend strengthens, we can take short positions in the rebound area, and near the first support, we can look for opportunities to position for a rebound.

4.27 Short-term Pre-set Orders by Master Chen:

Long reference: 62550, 62000

Short reference: 63760, 63300

This content is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you need to learn more about real-time investment strategies, untangling, 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.

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