Bitcoin continued to fall yesterday, and the current price has stabilized below 67,000. Today, if we look at the current situation directly from a short-term perspective, we can find that this decline did not reach the previous low point, but was a little bit higher.
Generally speaking, the price will not break through the support of the previous low point directly, but will stay above for a little bit, and then when it falls again, it will directly fall through this position, showing a larger downward trend.
If the previous low point can support and form a double bottom, it will rebound again. As shown in the above figure, I also marked it in a previous market. If the previous low point can support, then the price will generally go directly below the previous low point, but it will also rebound quickly. In other words, the downhill is a matter of a moment, and a false break occurs, and then the price starts to rebound.
So in the current market, the price stops a little bit above the previous level, and then starts to fluctuate sideways. Generally speaking, in such a situation, the probability that the price will fall below it directly is more than 50%. Of course, the key point to remind you is that there is no trend or pattern that will definitely appear 100%.
This is the short-term situation of Bitcoin. Judging from the current sideways fluctuations, today is Friday and tomorrow and the day after tomorrow will enter the weekend market. It is estimated that it will continue to fluctuate sideways. However, we should pay attention to the possibility of a downward break between the weekend night and Monday morning. Because one or two days of fluctuations are enough, this trend should begin to emerge.
So everyone should also pay attention to the short-term situation when watching the market. If the price can fluctuate and break through the trend line and break through the previous high, as shown in the figure, if the top trend line can break through during the oscillation, then my current view that more than 50% will break through the support level will also change accordingly.
When trading, you must be flexible and adapt to the current market. You cannot be stubborn and actively admit your mistakes and suffer a temporary loss. If you go against the market and the opposite trend has already appeared, and you do not actively change your views, then the only thing waiting for you is a liquidation! The premise of making money in the market must be that you can survive. If you can't even survive, then making money is definitely a fantasy!
