Bitcoin: Short first, then long.
Updated
Despite the fact that the Bitcoin (BTC) price trend should have been boosted last week from the perspective of the US dollar and risk appetite, unfortunately, the cryptocurrency market experienced negative news. According to reports, cryptocurrency bank Silvergate announced that it will postpone the submission of its annual 10-K report for the 2022 fiscal year, stating that "the company is currently analyzing certain regulatory inquiries and investigations related to the company." Shortly after, many cryptocurrency companies and trading platforms, including Coinbase, Circle, and Tether, urgently announced the termination of their business dealings with Silvergate. The news caused panic in the cryptocurrency market and put pressure on Bitcoin prices.
This week's risk events are also relatively frequent, and I think the likelihood of short-term Bitcoin prices rising above 25000 is small. From the 4-hour chart, we can see that the starting point of the last rebound has been breached, so the support level is expected to move down to around 21460. Therefore, the short-term trading range is around 22040-21460.
In terms of operation strategy, investors can trade within this range of 22040-21460.
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BTCUSDTBTCUSDTrade active
Note
Currently approaching a level where it is possible to initiate a short position.Trade active
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The market is following the expected trend, stay tuned.Note
The market is following the expected trend, stay tuned.Note
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