Bitcoin market focus: rising to the highest point over the weekend

Translation: spring_zqy

Bitcoin market focus: reaching the highest point over the weekend

Below is the Bitcoin market observed this morning: take profit price, target price and entry price.

Bitcoin price will see a reliable and consistent intraday move on the weekends, usually on Sundays, and this change will become a standard guess to some extent. Usually, the opening of the Asian market in a new week will lead to such price changes, and the price will fluctuate with the increase in volume. This week is no exception, as Bitcoin rose to a high of $428 and then remained flat as the Asian market opened last night.

After this limit up, the price fell back, and although it stayed above last week's closing price, the overall trend was downward, at least in the short term. This trend can be seen in the red highlighted downward sloping straight line in the figure below. The price changes are like a standing object in a place where it does not reach the upper trend line, so in this range, we can see several sharp drops, and then fall towards the lower trend line after the opening.

So how do we approach today's stock market from an intraday breakout perspective? As always, looking at this chart, we analyze the above trends and several important price ranges this morning.

As shown in the table, this period's support level is 421.56 and the resistance level is 424.80, which are the data to be observed in the morning.

We need to use the standard breakthrough strategy to trade, so as to break through the resistance level of this period and achieve the above-mentioned daily limit of 428 after long-term entry into the market. The take-profit level of 423 verifies our risk forecast.

From another perspective, a close below the support level would indicate a limit down to 415, which would then stabilize at the stop loss level of 423.5.