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5.2 Saturday Bitcoin Morning Thoughts
Today is the second day of the long holiday, I wish everyone a fun time and smooth profits!
Yesterday the market warmed up again, Bitcoin gradually rose, reaching a high of 789, and the rebound once again pushed short positions to the forefront, unwilling to cut losses, feeling uncomfortable being trapped. So, remember, never go against the trend, or you’ll only suffer yourself.
Today, Bitcoin may strengthen in the short term, but the resistance at 795 still exists, and the short-term rally has already reached its limit, not showing a one-sided upward trend. At this point, don’t think about chasing the rally. Bitcoin is currently at a high level, and intraday it’s still expected to pull back.
Trading suggestions:
Refer to around 785 for short positions, with targets focusing on the 775–765 range.
In a word:
Consolidation at high levels, mainly short on pullbacks, do not chase the rally.