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Wednesday Morning Jing Yi Trading Strategy Analysis
Bitcoin tested the previous high resistance yesterday but was blocked and pulled back, with the 760 level providing strong resistance. Multiple attempts to break through failed, indicating short-term upward momentum is weakening. Yesterday's long and short strategies were perfectly executed.
Currently, the price is under pressure and pulling back from high levels, with overall wide-range fluctuations continuing. A phased downtrend has begun, and the short-term trend is mainly to follow the downward move.
The daily chart remains in a sideways downward pattern, with the market continuously oscillating within a range. The 760 strong resistance remains unchanged, and rebounds are quickly sold off upon encountering resistance. The daily candle closes with a long upper shadow, clearly forming a double top pattern.
The hourly indicators are turning downward, showing weakening at high levels. A rebound during the day can be used to position for short entries.
Trading Suggestions
Short positions can be taken in the BTC 748-750 range, targeting 720-700, with proper stop-loss placement.