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In the analysis released early in the morning, we mentioned the resistance level of 4380, which was the peak on May 12, 2021. According to the expected layout, there has now been a smooth pullback, reaching the first phase target point. The current pullback is testing the previous pullback support level of 4150. Only if this level is effectively broken will there be a chance to initiate a larger pullback. Therefore, this position is considered our first Hedging long point.
The Bollinger Bands have been continuously narrowing to the position of 4150 for 3 hours, indicating that it will be difficult to decline in the next few hours. Previous analysis mentioned that the support effect of the previous low at 4144, and it has been emphasized in the live broadcast that in such a bullish situation, there will be no value in shorting during a pullback, so all pullbacks are opportunities for long hedging. Additionally, if today's daily candle can close bearish, in conjunction with the previous daily candlestick's high position doji, then the resonance pullback on the weekly and daily charts will begin, and this needs to be awaited.
Bitcoin defends the previous high of 12.32 for shorting, and now it has also pulled back. Similarly, both present opportunities for support rebounds, with 11.75 and 11.68 being major support rebound points in the future.