#BTC☀ Market Interpretation: The market in Asia and Europe is "unexpectedly" strong. If the price continues to break through, it will encounter multiple resistances. The "multi-dimensional" moving averages are about to collide! Pay attention to the position clearing before sensitive market conditions!
The BTC price unexpectedly strengthened during the day, with the main start time coming from the Asian session. The European session has not yet exerted any strength, but the sentiment is still stable.
The current bullish sentiment in the market has gradually shown signs since the closing of the U.S. stock market. Last night we said that if the U.S. stock market closes higher, Wall Street will continue to maintain a bullish sentiment. The U.S. stock market may continue to rise tonight, and it is likely to drive the crypto market.
Continue to maintain the bullish position.
The key position of the intraday line has shifted to around 59,300. At present, the price is completely above the key point of the midline.
Continue to break through resistance in the short term:
1. 61,500 The intersection of daily MA50 and MA30,
2, 62,900, MA200 position
3. 63,400 Weekly Resistance
4, 63,700, MA120 position,
5. 64,200 daily Bollinger Band upper resistance level,
Short-term retracement support:
Short-term hourly level 59,700, daily level key point 59,300
RSI: Index 50. As prices climb, sentiment heats up quickly. It has not yet reached the 70 oversold zone.
The daily amplitude is tightening, and the "multi-dimensional" moving average is a collision:
It can be clearly seen from the yellow marks in the figure that the upper line of the daily Bollinger Band (yellow), MA120 (pink), the thick red horizontal line (weekly support), and the red moving average (MA200) are about to collide, and once the MA200 slow line crosses the MA120 fast line, a technical death cross will be formed, which will be troublesome. This will bring emotional pressure to the bulls. The best way is to break through the price in advance as we said yesterday.
The near-point resistance level is around 61,500, which is also the intersection of MA30 and MA50 on the daily level. There are also signs that the slow line is about to cross the fast line.
In yesterday's market analysis, we mentioned that as the lower track of the daily line continues to compress, a breakthrough must be faced this week. Now that the price has broken upward ahead of schedule, it is a good thing, but we still cannot be completely optimistic at the moment.
Position liquidation:
In terms of current macro sentiment, it is generally believed that after the adjustment of non-farm data on Wednesday and Powell’s speech on Friday, the news may be sold. If it meets market expectations, the game in the derivatives market may be fierce before the decline, and it is very likely that excessive short positions will be cleared first.
Summarize:
Although BTC has broken through the key position of the daily line, given the situation this week, bulls still cannot take it lightly and must remain vigilant enough. Whether it is the multi-dimensional "entanglement" of the moving average on the disk or the game of over-the-counter derivatives, they all need to be taken into consideration, especially contract trading, and risks need to be paid attention to.
My short stop loss of 60,000 also went as we expected, and the price rebounded. I will continue to place a short order at the key breakthrough point, and send another wave of fuel "blessings" if the price continues to break through!