How will Bitcoin go after rebounding? Real price +3.43%
BTC found effective support in the transaction-intensive support area in the red box yesterday. This is also the area that everyone should pay special attention to yesterday.
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In addition to the support area, you can also find that the downward trend line is stepped back below. These two dual factors show that more people are going long here, and the short positions are gradually weakening. As time goes by, more short traders choose to go short. I exited the position with a profit and started to rebound.
Then pay attention to the upper resistance band after the rebound, 62368 (multiple needle points), 63867 (physical column + transaction intensive area) and the previous high of 66440, and observe whether the rebound can reach a new high.
What about price action?
This is why I told you yesterday that you can spend more time waiting for the K-line to come out of the pattern. Donât rush to place an order and look for opportunities to step back below. Because it has fallen for a long time and it coincides with the support zone, the downward force is bound to gradually weaken unless there is another New black swans and other negative events.
By analogy, the same is true for rising prices. â
A big fall will lead to a rebound (support + profit-making exit + more people going long + a gradual decrease in people opening short positions), and a big rise will lead to a correction (same principle). â
Patience is very important. â
Trading is an unnatural operation. Overcome fear, but be in awe of the market.
