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6.3 Wednesday morning Bitcoin latest thoughts: strong one-way move—short all the way down
Starting this month, the market has been trending one-sided. The bears don’t give the bulls even a moment to breathe. After falling from the early-month high near 741, it has continued down to the lowest levels around 663 so far. Nearly an 8,000-point drop—that’s sharp and decisive. Yesterday, it came in around 716; targeting 680. Today also ended perfectly.
At present, under this strong bearish trend, there are still no reversal signals to be seen. The structure and indicators are all aligned in a bearish formation pointing downward. On the four-hour chart, after the waterfall-style selloff, there’s completely no sign of a bottom. So within a bearish trend, the approach is simply to go with the trend.
Morning reference: short in batches around 671, 676. Watch support at 650-640 below.