It's time to check the "homework".
Yesterday, in our afternoon market analysis, we mentioned that we would leave "homework" for#BTC/#ETH over the weekend. This gameplay has continued for the third week. Today, we will continue to "check" the homework.
Yesterday's homework content,
1. Break through 59,600 (yesterday's daily resistance)
2. Ark 57,700 (weekly line support)
At present, although BTC did not effectively break through the daily resistance level after the end of the early morning, it has also stood firmly above the weekly support. The price has not continued to fall below the weekly level of shock range, and the risk of falling has been reduced.
Note:
As the daily moving average continues to decline, yesterday's daily support has continued to decline. It is currently around 59,300. It will reach 59,000 from the weekend to Monday. As the resistance continues to move downward, the short-term price of BTC will make a decision at the beginning of next week-whether it will break through or continue to fluctuate and fall.
Especially in the early morning of Sunday or Monday, the current key resistance Bollinger Band midline (MA20) of the daily line will soon intersect with MA200. The short-term crossover of the long-term moving average is often the result of a technical "death cross". Although this simple indicator does not directly mean a price drop, the appearance of such a signal also proves that the short-term BTC price needs to make a decision, a breakthrough or a decline, which can be seen in the early morning of next week or even on the weekend.
There are basically not many macroeconomic narratives next week, and the bullish sentiment relies entirely on the Ethereum ETF, hoping to help the price bring an effective breakthrough. In addition, a little reminder, as a period of low liquidity on the weekend, it coincides with the short-term direction decision period of the market, it is recommended to watch more and move less.
PS: Don't talk about looking at long and short, there are only two options for long and short, each standing at 50%. Analysis is not jumping gods, blindly looking at long and short is basically betting on your own 50% probability.
