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1.7 Bitcoin Morning Trading Strategy Analysis
Overnight Bitcoin initially rose then fell, accurately fulfilling previous predictions. After the US stock market opened, the price surged to around 94,400, then decisively issued a short position strategy at 94,000. The market dipped to a low of around 91,200, resulting in significant profit. This pullback is a technical correction after the previous rally and does not indicate a weak downward trend. Ethereum followed the same trend and also achieved impressive trading results.
From the daily chart analysis, Bitcoin's price stabilized above the middle band of the Bollinger Bands, gathering momentum for a potential new high. The pullback process is essentially a recharging phase. On smaller timeframes, there are quick recoveries after consecutive declines, creating a steady upward momentum that strengthens the support system below.
Trading Recommendations
Bitcoin: Enter long positions on dips within the 92,400-93,000 range, targeting the 94,300-95,000 range.