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Song Xiqing: Is the rebound just a "trap for more longs"? Boldly bullish above $65k for Bitcoin, the next wave of decline is on its way!
Current market situation: After dropping below $60k last week, it rebounded to $63k, still in a range-bound oscillation, with a focus on short-term bullish moves. The four-hour chart shows a bottoming out and rebound, with the Bollinger Bands flattening. This time, it won't replicate the previous rebound rally; a waterfall decline is brewing.
There are three reasons:
1. US stock correction: The Nasdaq index has stalled at high levels, falling over 3%, and BTC is unlikely to be immune.
2. World Cup capital outflows: During the last two World Cups, BTC's average decline was 22%-28%, a historical pattern that cannot be ignored.
3. On-chain fund withdrawals: Exchange stablecoin net outflows exceeded $1.2 billion in the past 7 days, indicating weakening buying momentum.
Friends looking to bottom fish, please be patient—bottoms are far from in place.
Trading suggestions:
Bitcoin: Enter long positions around $65k-$67k, with a stop-loss above $68k, targeting $58k-$55.5k.
Altcoin: Long positions around $1730-$1780, with a stop-loss above $1800, targeting around $1530-$1480.
Reminder:
The above analysis is based on Song Xiqing's personal view. Markets are ever-changing, and this content is for reference only. It does not constitute any investment advice!
$BTC $ETH $GT