10.10 Is the 60,000 support of Bitcoin still stable?
Bitcoin was falling yesterday, but the overall decline was not much. In the evening, the shorts began to exert their strength, smashing the price to the support position near 61,700, and then as soon as the early morning came, the price directly fell below this support position, starting a rapid decline.
So far, the price has fallen to around 60,300, and now the price has rebounded slightly to around 60,800. We know that the price just fell to around 60,000 before. At present, I think there is still a relatively strong support level around 60,000.
Then we continue to look at the daily level. The current price is close to falling to the lower track of the Bollinger band. Combined with what we said before, the 60,000 position supported the price before, and now it is almost the lower track of the Bollinger band. The combination of these two conditions should be a very stable support position. I think it should be difficult to fall below here for the time being.
Then today is Thursday, a very critical day. Today, the bears still have a good chance to continue to try to smash the market, so I think it is very important for today's price to hold the 60,000 position. Once it holds, tomorrow will be Friday, which is almost the same as the weekend.
Then such a strong support position, and an integer barrier, generally there is no particularly big market on weekends, and it should not be easily broken. If it falls below this place on weekends, the most likely reason is that there is a relatively big bad news.
If the price is supported from the evening to the early morning for a few days, and there is no particularly big bad news on the weekend, the support position is stable, then when next week comes, there will be another chance to continue to rise.
