5.31 Bitcoin trend is running steadily! Pay attention to the breakout and surge trend that may come at any time!
Yesterday we mentioned that Bitcoin is looking for a triangle trend, so at present, the price is rebounding in this triangle trend, because we also saw yesterday that the price just came to the bottom of this triangle, so according to the trend of the triangle, the price should rebound and continue to rise.
Then yesterday, the highest price of Bitcoin rebounded to around 69,500. From the four-hour level, the upper resistance is still very strong because you can see that there is a four-hour K-line above 69,000, but in the end it was a K-line with a long upper shadow.
So now we combine the analysis of yesterday's article, the current price is following the trend we expected, so it can be said that the current trend is running well. Similarly, we can also see that in the indicator macd below, the fast and slow lines are forming a golden cross trend below the zero axis. At present, the green long volume column is also increasing in volume.
After the fast and slow lines form a golden cross, they can cross the zero axis. At that time, it should be confirmed that the bullish trend will start and the price may surge, so everyone must pay attention to it.
Of course, there is another situation that we must also understand. If the price rebounds to the top of the triangle and fails to reach the top, it will start to test the bottom of the triangle downward. In this case, it means that the rebound is weak and the bulls cannot push the price to the target position. It proves that the bulls are weak and the bears start to fight back. In this case, the price is likely to fall through the triangle, and the downward trend will start!
Of course, I think the probability of this happening is still relatively low, because we can observe from the Bollinger Band indicator at the four-hour level that the current price is above the middle track of the Bollinger Band at the four-hour level, so when the price does not fall through the middle track of the Bollinger Band at the four-hour level, we do not need to consider the possibility of falling through.
