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Analyst: Bitcoin's high-level fluctuations continue, making intraday trading a challenge

Analyst: Bitcoin's high-level fluctuations continue, making intraday trading a challenge

Bitget2024/11/19 03:21
BTC+0.25%

Analyst RushDuckArmy on platform X reports that today's Bitcoin daily candle shows a small bullish candle with a long upper shadow and a short lower shadow, indicating significant overhead resistance, despite doubling the previous day's volume, which continues to denote a high-level consolidation pattern. The MA30 line trends upwards, though the MACD shows weakening bullish momentum above the zero line. Intrady volatility is pronounced, especially during the closing moments of the U.S. stock market, presenting both opportunities and challenges for contract traders.

The daily chart is expected to continue its high-level consolidation, with potential for further upward movement but a low risk of a sharp decline. The focus is currently on the altcoin market. Daily resistance levels are set between 92,000 and 109,800, with support between 87,270 and 75,700. On an hourly basis, the price has retreated to the 2-hour MA30 line, with further declines possibly touching the 4-hour support before rebounding. Short-term trading suggestions include going long at 87,420 and taking short positions at 62,000. The liquidation heat map indicates a significant amount of large short orders awaiting settlement between 92,500 and 93,450, while the 89,350 to 86,500 range supports numerous large long orders.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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