Homework review:#BTCdaily line fell below, where is the next position?
Last night, we assigned BTC the weekend homework as usual - to hold the lower support of 62,400 on the daily line. So far, the result has ended in failure!
At present, the BTC price has completely fallen below the daily support. In the short term, the previous daily support of 62,400 has become a resistance level.
Considering the weekend market, we can wait until the early morning of the weekend to next Monday. If the price rebounds and returns to above this position, the risk of decline will be greatly reduced. If it still fails to rebound and stabilize by next week, the price will still be at risk of continuing to fall.
Where will the decline continue?
First of all, although around 60,000 is not a technical support, it can still bring good buying volume activation. Key integer levels are often accompanied by a lot of buy or sell orders, which is a trading consensus. For example, during this crazy sell-off around 70,000, the buying power around 60,000 needs to be actually tested to understand the buying power.
The second is 58,000, the lowest line of the weekly oscillation range. If the daily line falls below it, we must refer to the tolerance of the weekly oscillation range.
Oscillation range:
Regarding rising or falling markets, I personally believe that in the absence of obvious negative or positive stimuli, most markets will basically oscillate within a range. The difference lies in the level of this range oscillation.
If the BTC price had not fallen below yesterday, the daily range would have been good, at 62,400-65,700. Today it fell below the daily range. If the price continues to fall, pay close attention to whether the weekly support has support and rebound. Once a strong rebound is formed near 58,000, the range oscillation can be seen at 58,000-65,700. Of course, the range oscillation value is not static. Over time, the range points at all levels will change.
requires attention:
The operation cycle of range oscillation in a large time period is longer, and during the period, we must also pay attention to the breakthrough resistance at various small levels. For example, in the weekly range oscillation, we must first pay attention to the range resistance provided by the daily line during the price operation. Breakthrough or no breakthrough has different meanings. If there is a breakthrough, continue to maintain the large-cycle oscillation. If there is no breakthrough, then narrow the oscillation range and look again.
If the daily line oscillates in a range, we should pay attention to the breakthrough and rebound in 4 hours and 1 hour in the short term. If the breakthrough fails, it proves that the short-term bullish pressure is still relatively large, and we should lower the oscillation level and observe more closely.
RSI: Index 42, a slight drop compared to yesterday. Through the changes in this value, we can preliminarily judge that the sentiment index has not dropped quickly during the decline. If the index 30 touches the oversold sentiment, the price may have to fall below 60,000 for RSI to reach oversold.
I have been rambling so much over the weekend just to remind you,
In the subsequent market, there may be more volatile trends, especially in contract trading. Beware of false breakthroughs and false declines. Pay attention to opening positions in key intervals, and then pay attention to breakthroughs or declines at key positions. Many people often open positions blindly at key positions and face the outcome of being trapped or even losing money.
PS: I basically do not publish the details of micro operations. The above are personal suggestions for reference. Please do not use them as investment ideas. After all, I only talked about the range of fluctuations, which is too single-minded.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC