9.10 Bitcoin bulls start to counterattack! Has the upward trend arrived?
Bitcoin started to break upward again last night, and the price continued to rise until the early morning. In this wave of rise, Bitcoin has reached 58,000, but there is still very strong resistance above. The current price has returned to around 56,600.
It has to be said that this is a strong rebound, which has eased the panic of everyone since the recent decline, and the bulls have also regained some ground.
Then continue to look at the four-hour level. First, we can observe that there is a price support level at the low point ahead, and then this round of Bitcoin's decline, this support level is temporarily supported. At present, the rebound seems to be very much, and then we can also notice the upper trend line on the chart. Since the bulls have begun to counterattack, we must pay attention to the upper resistance level. The upper key resistance level is the most likely to be tested by the bulls, just like testing the lower support level.
Then, from the daily market level, we can find that the current daily line has closed three consecutive positive trends. Then yesterday's daily line was also very long, but not very full. At the end of the closing, the bears still launched a Jedi counterattack and knocked down the price. Yesterday's daily K-line finally closed with a relatively long K-line with an upper shadow.
The final counterattack of the bears made the long upper shadow line of yesterday's daily line close. I think it will definitely form an obstacle to the rise. If the closing is not strong enough, the bears will be more confident. After all, it was still a downward trend before. Although the bulls have a slight upper hand overnight, seeing that the daily line did not close well, the bears can still continue their previous confidence.
So in my opinion, the bulls should not be too optimistic. We still have to continue to observe the situation on the market. It is best to wait until tomorrow's CPI to see if it is good. If it is good, the price will go back to test the resistance of the upper trend line again. After reaching above 60,000, it can be said that it has returned to the upward trend.
