August 5th BTC Contract Technical Analysis:
Today, the daily chart closed with a small bullish candlestick pattern, with prices remaining high. However, the accompanying indicator forms a death cross. While the broader trend remains bearish, the market is still trending downwards. However, yesterday's significant upward trend suggests a range-bound trend in the short term. Without a continuation of the trend, a significant unilateral move is unlikely. On the hourly chart, yesterday's intraday gains continued in the European and American sessions, but prices failed to break above the previous high. The current candlestick pattern shows consecutive bearish candlesticks, with prices trading below the moving average and the accompanying indicator forming a death cross. Therefore, continued support is crucial for the day, with the strength and potential breakouts of the European session also key.
Today's BTC Short-Term Contract Trading Strategy:
Sell on pullbacks to the 114,500 area, with a stop-loss at 115,000, and a target of 113,500-113,000.
Today, the daily chart closed with a small bullish candlestick pattern, with prices remaining high. However, the accompanying indicator forms a death cross. While the broader trend remains bearish, the market is still trending downwards. However, yesterday's significant upward trend suggests a range-bound trend in the short term. Without a continuation of the trend, a significant unilateral move is unlikely. On the hourly chart, yesterday's intraday gains continued in the European and American sessions, but prices failed to break above the previous high. The current candlestick pattern shows consecutive bearish candlesticks, with prices trading below the moving average and the accompanying indicator forming a death cross. Therefore, continued support is crucial for the day, with the strength and potential breakouts of the European session also key.
Today's BTC Short-Term Contract Trading Strategy:
Sell on pullbacks to the 114,500 area, with a stop-loss at 115,000, and a target of 113,500-113,000.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.