7.25 Bitcoin encounters strong resistance and starts a big correction! Here is another chance to get on board!
Bitcoin briefly supported after yesterday's correction, and then the price began to rebound from the afternoon to the evening. When the price reached the highest level of around 67,000, it encountered very strong resistance, and the price began to fluctuate violently in the short term. In the end, it failed to break through successfully due to excessive pressure from above, and then began to fall.
So far, the lowest price has fallen to around 64,000, so overall, yesterday was a downward correction after a wave of failed breakthroughs.
Then we continue to observe this wave of rising trends from the daily level. First of all, the price rebounded from the bottom of the daily level Bollinger band lower track. The price rose very quickly to the upper track of the Bollinger band. After a short correction, it continued to rise along the upper track, reaching a maximum of around 68,000. From the daily line, it is only now that a relatively large correction has begun to appear. At present, the daily line has shown a trend of three consecutive negative lines, and today's daily line also seems to continue to close negatively.
Then I think this wave of upward trend still exists. After the price is corrected, there is still an opportunity to go up. So now we have to speculate the next lowest point of the correction, or the point of the correction.
So it is obvious that since we observe the market from the Bollinger Bands at the daily level, now the price is pulled back by resistance from the upper track of the Bollinger Bands. Our first consideration must be the position of the middle track of the Bollinger Bands, and the current price is very close to the middle track.
The middle track of the Bollinger Bands at the current daily level is still in an upward trend, so if the price falls slowly, they will converge in the middle, that is, the Bollinger Bands go up and the price goes down. From the current point of view, the point where it is expected to converge is around 63,000.
So I think 63,000 may be a very suitable opportunity to go long again. The suggestion is to pay attention to the morphological structure near this price. If there is a good bullish morphological structure, you can consider getting on the train again.
