Only with a calm mind can one achieve great success in investment. Everything else is just empty talk. Making money is the key. Hello everyone, I am AICoin Jinrui!
Currently, Bitcoin continues to be in a downtrend, and the market sentiment is leaning towards bearish. Jinrui believes that many friends are feeling uneasy about the recent market trends, so let's take a look at Jinrui's view on the market trend.
[BTC Weekly Chart]
On the weekly chart, the price of BTC has a rebound trend near the 20MA, and the rebound amplitude is also relatively large. However, it is still difficult to judge whether BTC has turned into a bullish trend. Currently, there is almost no news supporting sustained upward movement for BTC, but it also does not seem to reverse the bearish trend.
Therefore, Jinrui believes that we should not judge solely based on the reversal of the weekly chart as an indication of the continuation of the bullish trend. If the price of BTC does not receive effective support below the 20MA on the weekly chart, Jinrui believes the price may fall to near the 50MA on the weekly chart.
[BTC Daily Chart]
From the daily chart, the 50MA on the daily chart seems to have become a resistance level. When the price breaks through this daily 50MA, short-term bullish trading will be relatively easier.
However, if the price rebounds to the 20MA on the daily chart and then falls below this range, Jinrui expects the price to drop to: ① around $59,600 ② around $56,560.
[BTC 1-hour Chart]
On the 1-hour chart, the current price of BTC is fluctuating around $63,955. If the price subsequently breaks through $63,955, Jinrui will consider the following positions for trend-following long trades: ① around $64,230 ② around $64,500 ③ around $65,190.
Currently, the low point of the 100MA on the 1-hour chart is rising, so if the price starts to fall in the current area, Jinrui will also wait and see if this area can receive support.
If the price falls below this level, it means a short-term trend reversal. Jinrui will consider the following positions for trend-following short trades: ① around $64,270 ② around $62,000.
I have years of in-depth research on spot contracts, BTC, ETH, and various altcoins. If you are experiencing difficulties in trading or long-term losses, or if your trades are stuck, you can follow my public account (AICoin Jinrui). Investment involves risks, so please 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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