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Market Summary for Today -- There is still room for the market to decline, control your impulsive actions
Today, Bitcoin experienced a weak decline throughout the day, moving southward. Currently, the price has broken below the lower band of the daily Bollinger Bands, indicating an extremely weak trend. The Bollinger Bands are also opening downward, which is a sign of accelerated decline. Since the lower band of the daily Bollinger Bands has been broken, it is expected that the weekly Bollinger Bands' lower band will also be difficult to hold. There is no safe support below Bitcoin's current price; the next support level can be seen around the previous low of 59,900. For those looking to buy the dip, be careful with your actions; the discount might be even greater in a couple of days 😜
Recommended Strategy: Continue holding short positions. Friends who are currently out of the market should not rush to buy the dip, nor chase short positions at this level, as setting stop-losses will be difficult.
Follow-up Focus: Resistance at 64,250; Support at 59,900
Bitcoin remains weak. You can watch the performance of altcoins like ESP, PIPPIN, and ENSO, which are showing strength. They can be considered for entry during a pullback, but do not chase high!