Technical analysis by sxaix1 about Symbol BTC: Sell recommendation (5/8/2024)

Judging from the daily chart, the price has fallen below the 50-day moving average, and the 10-day moving average and the 20-day moving average have formed a cross, indicating that short selling will continue in the short term. Bitcoin is in a short-term downward trend after falling below the important resistance level of 63,000 yesterday. Today the price rebounded to around 63,000 and encountered resistance and continued to fall, once again confirming that the downward trend will continue. Trading strategy: If the price rebounds to 63000-63300, you can sell, with a target of 61000-61500 and a stop loss of 63500. The above strategies are for reference only. I will update the strategies at any time in my guidance group.Comment: Bitcoin price fell below the 62,000 resistance level, and there is a lot of room for decline. The next resistance is expected to be around 61,000