7.24 Bitcoin callback finally came! Is this the time to get on board?
Bitcoin finally has a callback market. Before that, I have always suggested to everyone that if you have already chased too much before and were liquidated during the violent fluctuations in the market, there is no need to chase directly. You should wait for the market to give a callback opportunity!
As shown in the figure, this wave of Bitcoin callback also experienced violent fluctuations in the process. The key support level below quickly fluctuated by 1,000 points. The final price continued to decline, but the market did not start a downward trend.
The current price has come to what I think is a more critical place. First of all, we can also see on the chart that there is a double bottom pattern at present. However, the current price has not broken through the neckline. According to the daily level of the upward trend, I think it is a very good opportunity to get on board now that the price has given a callback.
But from another perspective, we can observe the situation of the daily line. I have drawn the first and second wave of increases in the chart. We can clearly find that the increase in the second wave is obviously not as strong as the first wave. It can be inferred that the increase in the third wave may be weaker.
Then the increase gradually weakened, which reminds me of a very classic reversal pattern, the three-push wedge, which is a reversal pattern that often appears, whether it is a large or small level. That is to say, after this pattern appears at the daily level, the final market may reverse and return to the downward trend.
However, there is no problem with our short-term thinking at present. First of all, I just said that this is a reversal pattern of a three-push wedge. The current price is only a callback of the second wave, and there will be a third wave of rise. Although the third wave of rise may be the weakest, this is the daily level.
The weak rise of the third wave at the daily level is also a very good rise in the short term, so if you keep up with this last wave of push in the short term, you should still have very good profits.
