Analytics

BTC: Set Up Stop Profit And Loss With Fluctuation Of Market

BTC yesterday did not break through after shocking around $7,500. Instead, it continued to adjust after stepping back on $7,450. When most traders thought it was difficult to go against the pressure position and ready to retreat, the bull rushed to $7,650. This wave directly exploded the empty orders for high leverage contracts. Then, after consolidating for a few minutes near $7,600, the price was directly dropped to $7,480.

The more volatile the market is, the more you need to be cautious. Don’t chase up and down. today is a good example of the first burst of short orders then long orders.

In the 4-hour chart, we can see that the Bollinger Bands have started to shrink gradually after opening downwards, and the price is also trying to stabilize above the lower Bollinger Band rails. The Kline runs to the lower rail of the Bollinger Bands. After the slump, the index and market need a corrective rebound.

The double top trend has been formed, we can go short on the rebound. Looking at MA5 and MA10 in the short term, there are signs of a golden fork, and the indicators below are also short-term bulls dominate.

Key points:
Short: $7,450-$7,500
Stop-loss: $7,550
Entry: $7,250-$7,200

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