[Market Analysis] Last week’s bottom fish and rebound fully | wypiiiii on Binance Square

Post

--

[Market Analysis] Last week’s bottom fish and rebound fully achieved the first target, basically completing the second target
①#BTC Last week, the old trader believed the technicals showed a bottom, and it wasn't suitable to keep shorting. I suggested that everyone could consider taking some long positions for bottom fishing, with the first rebound target at 62500, which has already been hit; the second target is 65000, which is close to completion, peaking at 64234. Overall, the judgment of a bottom with a rebound was correct.
② Looking ahead, the old trader took a position on CME and found the recent gap for everyone, but this gap seems a bit odd. I’m not sure if it’s due to technical reasons, as the gap is quite large, with a potential fill limit reaching even 70000, so this gap is worth noting. $BTC
③ CME's pricing power is beyond doubt. The old trader has been pointing out the BTC gap above 81000 since April and May, and it indeed proved effective as the gap was filled, bouncing from 60000 to 82000 to fill the gap, randomly ending the rebound with a sharp drop. So, how much can this gap be filled this time?

wypiiiii

·

--

[Market Analysis] The market has finally returned to a bearish rhythm, and it seems the decline has slowed down. What's the outlook?
①#BTC From a technical standpoint, RSI has been consistently below 8 (below 20 is oversold, and below 10 indicates a bottom at the same time level). SRSI is continuously approaching 0, signaling extreme oversold conditions, which generally indicates that the market needs to correct. This correction can manifest as low-level consolidation or a rebound.
②$BTC This morning saw a corrective rebound in the range of 61500-62000. Whether we can continue this rebound depends on observing the 4-hour and daily selling volume to see if it decreases, and whether the price can stop falling. This is a characteristic of waning bearish momentum, as there isn’t enough substantial trading volume to support a one-sided move. This could lead to a potential local bottom. Additionally, combining this with MACD to check for multiple bullish reversals, as well as the pressure from upper MA and EMA moving averages, will help determine the extent of the rebound.
③ Old Jin believes that conservatively, it's best to stay on the sidelines this weekend and wait for Monday's updates on the daily and weekly charts to better assess whether next week's market can pause its decline and experience a small rebound. Based on probability and the current indicators, Old Jin leans towards a rebound scenario that can be traded. Therefore, a safe entry point for long positions is between 59600-60000, which is a low range. Even if there isn’t a rebound, the cost of exiting long positions is very low. If we start to see a weekly-level rebound next week, the targets for BTC's rebound would sequentially be 62500-65000. The risk-to-reward ratio is decent, and the stop-loss level is minimal.

Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.