BTC stayed in consolidation all day without much movement. Bulls and bears are still deciding on the direction, but the 4-hour chart is showing signs of a bearish trend. The 60-period moving average is acting as resistance, and there is a death cross signal on the MACD, all indicating a shorting opportunity. Considering the chip distribution above BTC, it is highly likely that it will spike up to 62500 and touch the 120-period moving average before quickly turning downwards in a bearish trend. Therefore, the suggested trade is to short at 62450 with a stop loss of 500 points and a take profit of at least 1500 points (actual situation may vary based on real-time market conditions).
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BTC stayed in consolidation all day without much movement. Bulls and bears are still deciding on the direction, but the 4-hour chart is showing signs of a bearish trend. The 60-period moving average is acting as resistance, and there is a death cross signal on the MACD, all indicating a shorting opportunity. Considering the chip distribution above BTC, it is highly likely that it will spike up to 62500 and touch the 120-period moving average before quickly turning downwards in a bearish trend. Therefore, the suggested trade is to short at 62450 with a stop loss of 500 points and a take profit of at least 1500 points (actual situation may vary based on real-time market conditions).