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Bitcoin short-term market analysis
Entry: Short near 61600
Target range:
First take profit🦅: 61300–61100 (reduce position and take half profit first)
Second take profit🦅: 61000–60500 (exit all after breaking stage support)
Stop loss: 61860
Chart logic
The market surged to a stage high of 61733.11, then closed bearish with rising volume and fell back. Price was pressured by the Bollinger upper band, turning downward. Highs continued to drop. On the 15-minute small cycle, the bullish upward momentum completely exhausted, and the trend turned from strong to weak.
Currently, the price is running below the Bollinger midline. The midline at 61530 forms continuous strong resistance. Each small rebound is accompanied by concentrated selling from above. The low at 61248 is the key starting low of this uptrend and an important support level. The bulls are unable to recapture the previous high range.
Operation idea: Rely on the Bollinger midline resistance, short on rebounds, follow the correction trend, do not bottom-fish and go long.#BTC