The day before was a bull market, and the next day is a bear market; this market movement is quite thrilling.
The daily line shows a long bearish candlestick with short upper and lower shadows, and the body of the bearish candlestick engulfs the body of the previous day's bullish candlestick. The trading volume is about a quarter more than the previous day, indicating a decline with volume but not a significant increase.
The price has just fallen back to the 30-period moving average on the 12-hour chart, which coincidentally is also the 10-period moving average on the daily chart, so there will be a rebound today. The altcoins may rebound even more sharply, and there is an opportunity to capture a short-term rebound.
This wave of decline is aimed at targeted liquidation contracts and leverage. We mentioned on the 6th that long positions in contracts must take profits in time, and those chasing highs need to have stop losses to prevent this kind of rapid decline.
Next, the daily level needs to oscillate for adjustment to repair the candlestick. There are still a lot of data to be released this week, and news will also impact the market trends in the short term, so attention should be paid to short-term price fluctuations.
The long positions have been liquidated, and with fewer positions, it will be easier to lift the market.
The resistance levels at the daily level are 103000-110000-120000-134800, and the support levels are 95560-94230-91600-90200.
From the hourly level, the current movement is a pullback within the rebound of the 1-day EMA52 line and a rebound within the 12-hour MA30 line, showing a 5-10 minute uptick.
In the short term, short positions can be made at 97990 and 98670, and long positions at 96020.
From the liquidation heat map data of Bitcoin, we can see that last night's drop liquidated a large number of significant and very large long positions.
The price is rising, and there are a large number of short positions scattered in the 98400-101450 area. We need to wait for the continued accumulation of short positions before the price can have a significant and rapid rise.
The price is falling, and there are still a large number of significant and very large long positions waiting for liquidation in the 96100-94100 area.
