BTC Pin Bounce, is now a price bottom?

According to Gate.io market data, BTC is currently in a bullish trend, with large holders on Gate.io showing a long-to-short ratio of 2.4:1. However, the funding rate for BTC perpetual contracts is -0.0063%, indicating some divergence in the market regarding the current BTC price. The Bollinger Band support price is $57,073.2, and the resistance price is $58,400.7. In terms of market sentiment, today’s Fear and Greed Index is at 31, reflecting a state of fear. Despite a significant rebound after a sharp dip in BTC this morning, market sentiment remains subdued.

Trading Strategy

Breakout Trading

Direction: Long-term
Entry Condition: When the BTC price breaks above the Bollinger Band resistance price of $58,400.7
Reason: A breakout above the Bollinger Band resistance level may indicate a further upward trend, which can be followed for trading.

Swing Trading

Direction: Short-term
Entry Condition: When the BTC price approaches the Bollinger Band support price of $57,073.2
Reason: When the price nears the support level, consider going long and taking profits once the price rebounds. This is suitable for short-term swing trading.