Bitcoin Price Volatility Expected to Continue, Short Positions Profit
Bitcoin's recent trend continues to fluctuate downward, and short positions above 80,000 laid out this week are profiting. The price briefly fell below 78,000 before rebounding slightly overnight. The 4-hour Bollinger Bands are expanding, indicating increased volatility.
The current candlestick is making a second downward attempt at the MA120 and EMA80 intersecting support level, showing a further pullback is likely. The MACD remains balanced beneath the zero axis, with the fast and slow lines still showing a death cross at high levels.
Zhang Lihui suggests watching EMA120 below as the second support; on the upside, keep an eye on pressure around the midline and MA30, mainly looking to enter short positions on any upward tests. The daily chart shows that the Bollinger Bands have contracted significantly, and the bearish structure of the death cross at high levels remains.
Today's suggested short position for Bitcoin is a light short above 79,300 with a stop-loss above 80,500; targets include 78,500-77,600-76,800. If it breaks 76,500-76,000, hold further to around 75,300.