7.1 Bitcoin continues to rise! Is the surge in the market just beginning?

Bitcoin has continued to rise in the past two days, and the highest price has reached 63,700. Why, as shown in the figure, we can clearly see that the price has broken through the key previous high point, and the resistance near 62,000 has been broken at once.

Then our member group also made a long order yesterday. The entry price was about 61,000, and the expected target profit point was 64,000. The price was just a little bit away from this place, but at present we chose to take the profit, but also took 2,500 points of profit.

​Why choose to take the profit? As shown in the figure, we found that the current rebound of Bitcoin price at the daily level just came to the position of the middle track of the Bollinger band at the daily level. This position must have price resistance, and this time it is the first rebound after a long period of decline to retrace the middle track of the Bollinger band, which is the first attempt of the bulls to reverse the downward trend.

According to technical analysis, the first counter-trend breakthrough often fails. I also marked the situation in the above picture when the price rebounded and retreated to the middle track of the Bollinger band before the previous decline, and then failed to break through.

So we also chose to be prudent and chose to take profits. So my current view is that the price may fail to break through here and then fall back. Of course, my view is definitely not absolutely correct. There must have been cases in history where the first counter-trend breakthrough was successful.

So my other plan is that if the price does not break through and then pull back, but directly breaks through successfully, then when it successfully breaks through the middle track of the daily Bollinger band, I will also choose to continue to chase more.

​Because I have told you before, our goal is actually a very large rise to the top of the daily box.

#BTC走勢分析