BTC market interpretation: One good news, one bad news. Key support is being tested!
I haven’t interpreted the market for several days. It is mainly a step-down test. The support was not touched during the weekend. After the weekend adjustment, the weekly line has moved up. Let’s take a look at the market situation.
One good news is that the weekly support has moved up, which will bring better protection to the decline in the short term. To put it bluntly, there is no big negative news, so don’t call it anti-fall.
One bad news is that the weekly support has moved up. The current price basically belongs to the weekly support position. If this position falls below, the effective support above 60,000 is not enough.
The current weekly support has come to around 64,200, and the current Bitcoin price is temporarily stabilized near this area. At present, this support has not been effectively tested.
The short-term downward channel also takes the weekly line as a low point. If this position is broken, there is a probability of continuing to explore from a technical point of view. So 64,200 will become a key support in the short term.
If this position falls below, there is only one effective support below 61,200, which is a Fibonacci golden support level. However, this position did not provide much support when it fell below 60,000 last time. After 46 days of consolidation above, I hope this position can bring us more support.
Looking down is the key point of 60,000. This position is not a technical support, but the integer level often stimulates a lot of buying.
Many people are concerned about where the so-called bottom of Bitcoin is. Unless it is a prediction of the future, no one can say for sure. If it is me, if Bitcoin returns to below 60,000 and appears around 57,000 in the next month, I will buy it. This is the position of the daily MA 200, which is also the right position for me psychologically.
If it rebounds in the short term, you can pay attention to the resistance around 66,000. This position used to be a support, but now it will become a resistance point.
RSI: The index has reached 35 points, which is a normal low value. Once the value comes below 30, you can pay attention to the rebound situation based on the support.
