7.9 Has Bitcoin fallen to the bottom? Is it a good time to buy the bottom now?

Bitcoin experienced huge fluctuations in the short term yesterday. In the afternoon, there was a huge wave of rising energy. It came to 58,000 in a short period of time, but did not break through the previous high point. Then it fell immediately and suddenly came to the vicinity of 55,000. The subsequent price is oscillating upward and is still around 57,000.

As shown in the figure, I think the current Bitcoin has formed a oscillating convergent triangle in the short term. The reason for the formation of this pattern has been mentioned to you before. The convergent triangle pattern is formed because the price cannot go out of the direction and there is no strong bullish and bearish power. Therefore, it is difficult for us to judge the direction of the price through this convergent triangle pattern, because in essence, it is because it cannot go out of the direction that this pattern is formed. We can't put the cart before the horse.

Of course, not being able to judge the direction does not mean that we can't do transactions. Since we can't go in any direction, we can choose short-term oscillation high and low, but we can't be too greedy. Just do the fluctuations in this triangle pattern. Of course, this is a short-term operation strategy.

Then at the daily level, we have mentioned before that the current price has fallen to a very critical point. As shown in the figure, connecting the previous two key locations, we can find that the current price has just fallen to this trend line.

So the price fluctuates here, essentially because the price is supported here and cannot fall further. If it cannot fall further, there is hope to rebound, so judging from the daily level, I think the price is biased upward at this time.

Of course, we can't see any pattern here from the daily line, and we can't see the convergent triangle pattern at all, but we can judge this trend from the daily line, and then deduce this convergent triangle pattern in the short term, so the result will be that this triangle is likely to break upward.

Just now we said that if the short-term operation of this triangle is to do this oscillation high and low, then if we combine the large-level daily line to analyze it this way, it is obvious that it will be more advantageous to do oscillation and low in the triangle.

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