Bitcoin Perspective: Reference 4H

Review: Yesterday mentioned the short-term 897-888 fluctuation zone was broken after multiple pullbacks, which is worth considering for multiple positions. However, since I shorted at 914, I subjectively think it will drop first and then rise, and the whole night a wave of pullback directly hit my stop loss, losing the fees, felt pointless.

So last night's market still faced resistance at the 937-940 level, plus with the interest rate cut tonight, it's better to observe and hold back for now, there's no need to gamble on the fluctuations from the interest rate cut.

Currently, two points the bulls need to pay attention to: one is the short-term upward trend line (blue), once the trend line is breached at any time, the short-term bullish structure will be damaged, and it can look down at the lower trend line (black).

Another point is that the black trend line is the last defense zone for bulls, and if it is breached, there is a high probability of accelerating the decline. Therefore, if you go long at this position without setting a stop loss, it is easy to get trapped, or even go directly to liquidation.

As for shorting, I will pay attention to two positions. One is the current 937-940 resistance level, but this position has been tested too many times, plus with the old Powell speaking tonight, I'm still unsure whether he will be dovish or hawkish, so I give up on shorting this position.

The second position is the 956-976 resistance zone, and the 0.618 of this segment's decline rebound just happens to be at the 972 position, so if I want to short Bitcoin, I will prioritize this area, and the risk-reward ratio is also good $BTC