BTC daily line
Yesterday's BTC market closed with a negative line, breaking the previous bullish pattern of six consecutive days of gains. However, despite the negative closing, a long lower shadow appeared on the K line, indicating that bulls still control the market. Although the price did not fall below the 10-day moving average support, there were signs of a gradual and steady recovery after a rapid heavy volume decline. From a technical perspective, technical indicators do not show a downward trend, and the bullish trend is still obvious. The price has once again reached the critical position of $72,000. Overall, the market experienced a round of up and down fluctuations and finally returned to yesterday's intraday range. Today we need to continue to pay attention to market changes, especially the situation of pin insertion.
small level
The upper shadow line in the evening and the lower shadow line in the early morning indicate that the market is currently in a state of shock. Yesterday's price did not change much compared to today's price. Technically, there was heavy volume after the formation of the five-day moving average. However, it was supported by the 120-day moving average, and then rebounded quickly, and a positive line directly stood at 71200. Dollar. At present, the five-day moving average and the ten-day moving average form a golden cross, and the price stands on the middle track of the Bollinger Bands, while the upper track puts a certain amount of pressure on the price. The slight rebound in the morning shows signs that the market is continuing to test upward for suppression. You can first observe the suppression near the 0.78 Fibonacci line above $72,400. If it can successfully break through, the market will continue to test for new highs. What needs to be paid attention to below is the support near $70,300 at Fibonacci 0.38. This is also a key position and may become an important turning point.
Pay attention to the suppression situation above $72,550-72,850. If there is no breakthrough, you can consider setting up a short order to enter the market. The first thing to focus on below is the support near $70,300, especially the changes in the pin situation.
