A few days ago near 73, I mentioned that if we can hold steady above 70,000, we could consider a long position around 71. It’s quite obvious—another wave of weak downward movement. Currently, the price has just returned to the daily moving average, and there are signs of short-term recovery during the weekend consolidation. This is also near the previous initiation point, so we can consider re-entering the position that was previously reduced at higher levels.

From a technical perspective, the short-term support on the daily chart is around 67,800. Looking at the 4-hour MACD, the bearish momentum has started to weaken. If the price launches another upward attack, it might not be a false breakout. At that point, the pattern could lead to a main upward wave, because recently, the large chart showed the first bullish volume increase—an exploratory move. But as long as a second attack can be launched, given the current prolonged sideways pattern, the probability of a breakdown is very high. You can refer to the market conditions from April last year.

Bitcoin trading suggestion: around 68,000, re-enter the previous long position #2月非农意外负增长