Yesterday's market dynamics showed that we had previously warned that there was limited space below the continuous liquidation, and it was unlikely that a new low would appear. Therefore, we suggested considering a long position when the price approached 56,850, but we did not expect the price to break through 59,000. According to the market trend we observed, the market may encounter resistance near 58,300, so the short-term trend point is between 58,300 and 58,500. Only by breaking through this range can the price hit the 60,000 mark. Based on this trend, we expect the 60,000 mark to return soon.
As of now, the price of Bitcoin is 59572. The short-term bullish target is 60800 to seize a wave of opportunities. The K-line has been above the 120 of the EMA trend indicator for two consecutive days, indicating that the market has been increasing chips at this position to prevent the continued development of the short-selling forces, which is a good signal. However, it should be noted that although the trend has not yet turned to bullish, the callback is still in progress. The KDJ indicator began to pull back and close after 56500, and the closing point is between 61500 and 61300. The resistance level of 58300 to 58500 mentioned earlier is still valid. If the price cannot break through, it will be biased towards the short position; on the contrary, a breakthrough may turn to the long position. Today's market dynamics are still in line with this idea. At the same time, the MACD indicator shows that the volume is shrinking and the chips are increasing, but the distance between DIF and DEA is widening, and the daily K-line has not yet stood firmly on the lower track of the Bollinger Band, so it is expected that today may fall back to the support level.
The four-hour K-line shows that the short-term bullish trend of the current market is still quite strong, but it has encountered effective resistance between 59300 and 59600. At the position of 59200, the KDJ indicator opened upward and broke through the pressure of 58500. In addition, MACD increased its volume and DIF and DEA formed a golden cross after breaking through 58500, indicating that the short-term bullish trend has been opened. However, the upper target has not been reached. The 59550 pressure level specified in the Bollinger Bands has failed to break through four times in a row, which shows that the pressure level is still valid. Therefore, if the price cannot break through, then you can consider the layout of shorts. In terms of the overall trend, high-altitude is the main, but long operations need to be cautious.
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