1-hour BTC:

Yesterday, the U.S. Securities and Exchange Commission (SEC) charged the virtual asset and stock trading platform Robinhood with potential violations of securities laws. It also hinted at future legal sanctions, which the market reacted poorly to, viewing it as bearish news.

However, from a technical analysis perspective, while Bitcoin is maintaining support at the long-term trend line, it is also facing resistance at the short-term trend line. Since Bitcoin has not fallen below the bottom of the range, but has raised the low point of the long-term trend line, we can still maintain a bullish view in the short term.

The first resistance level during the day is at $63,900, and the second resistance level is at $64,400. If the price breaks the first resistance, then we can expect the price to test $64,000 again. However, it is important to monitor whether the price has raised the low point and ensure that there is a rebound with effective support.

Furthermore, if Bitcoin once again breaks the high point of $64,400, there is a high possibility of testing $65,000.

The first support level is at $63,400, and the second support level is at $62,900. If the first support stabilizes at the high point during the rebound, a bullish view can still be maintained in the short term. Since the second support is the bottom of the range, we can set it as a key support.

However, if the price falls back to the second support, it will mean breaking the long-term trend line, so we will need to shift to a bearish mindset.

In today's trading, we will continue to observe the situation of the long-term trend line and maintain a rebound view in the short term.

However, due to the current insufficient trading volume, we will look for short-term buying opportunities near the resistance area. We will also pay attention to trading volume and price fluctuations after the breakthrough, and then re-plan our trading strategy.

5.7 Shiyechen's Short-term Pre-set Orders:

Reference for long position entry: Buy in batches in the range of 63,000-63,400, defend 500 points, target 63,900-64,400

Reference for short position entry: Sell in batches in the range of 63,900-64,300, defend 500 points, target 63,200-62,900

This content is exclusively planned and published by Shiyechen (WeChat public account: Coin God Shiyechen). If you need to understand more real-time investment strategies, untangling, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Shiyechen for learning and communication, hoping to help you find what you want in the currency 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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