BTC 4 hours:
Bitcoin has currently broken out of the downtrend line and has seen a sharp rise following the trend reversal.
The longer the chart is sideways, the higher the probability of a big move in one direction.
Since the direction has been determined, I think the short-term upside view is still valid. However, since it is a rebound amid unfavorable news, we still need to pay attention to the news of Mount Gox for chart analysis.
Resistance level reference:
First resistance level : 64000
Second resistance level : 64500
When the price of the currency breaks through the first resistance level, instead of considering further increases, it is better to consider that Bitcoin may consolidate in the short term, which will also be a better profit and loss ratio range.
If you enter at a lower price in a range that has already risen sufficiently, you can continue to maintain a bullish view.
But for new traders entering the market now, they should expect to encounter adjustments near resistance levels and take profits quickly.
Support level reference:
First support level : 63350
Second support level : 62750
In the short term, if the first support level can be maintained, then this will be a short-term upward range.
However, if the first support level is breached, consider further adjustments and look for a better entry point near the second support level.
After going sideways and consolidating the lows after rising, Bitcoin is considered to have a healthy upward momentum. In order to expect a short-term rise, the master suggests that everyone can pay attention to whether 63.3K can be maintained.
Today's trading suggestions:
In today's trading, I will maintain the main view of rising. Because the price of the currency has risen significantly, we can pay attention to whether it can consolidate the low point and continue to go sideways in the sideways range after the rise.
Because there is still a lot of resistance above, please pay attention to the 120-day moving average and the second resistance level, and wait for the opportunity of a pullback.
When I sent a message yesterday, I said that judging from the current trend, I personally think it has a new low. So pay attention to 64.5K after the rebound. I said in the previous post that BTC has another chance to fall below 56550, and ETH has not yet completed its retracement to 3k, so we can look forward to it after this round of rebound.
Please refer to these suggestions when trading
7.1 Short-term pre-buried orders:
Long entry reference: 62400-62800 range, long in batches, 500 points of defense, 63500-64000
Reference for short entry: 64500-64900 range short in short to defend 500 points target 63700-63300
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