BTC Market Analysis
Bitcoin experienced a huge fluctuation last night. At nine o'clock in the evening, the price began to break upward, and suddenly the price rushed to around 68,000. There was another big positive line trend like the one on the 14th. We can see this from the one-hour level. At the beginning, it closed with a very strong big positive line.
However, the price soon failed and began to fall. In the next hour, the price suddenly plummeted again. It can be seen that in the next hour, a large negative line was formed and directly broke through the support level. The lowest price fell below the key integer position of 65,000.
From the perspective of technical analysis, an engulfing structure appeared after this large black candlestick closed, but the price did not continue to fall. Instead, it continued to fluctuate upward. Now the price is still around 67,000.
In general, this wave of market fluctuations is very large. Although there is an engulfing large black candlestick, which can be understood as a false breakthrough, so far, the price has risen compared to yesterday, because yesterday the price was around 66,000, and the overall increase was about 1,000 points.
All in all, it is still rising, and we have been bullish on the market recently. In the articles two days ago, we analyzed that the price had encountered key resistance, but I said with certainty that there was a high probability that it would break through, and sure enough, the price subsequently broke through upward.
Then looking at the current daily line, the price has now come to a new resistance position, but this time it is different. I think the current upper resistance is more critical than the previous one. We can also observe this from the chart above.
Obviously, this is a daily descending trend line resistance that is difficult to break through. The price has tried to break through many times before but all failed. Moreover, after each failed breakthrough, the price has experienced a huge drop. Almost every time, the price has reached a new low.
Every time, everyone may feel that they have fallen into this bear market, but now the price has come back again. Can it break through this point? I think the probability of this breakthrough is very high. In fact, we have already seen 90,000 in yesterday’s article. It is also because of yesterday’s views. So I think there is a high probability that it will continue to break through here, and the bull market is coming!
BTC Market Analysis
Bitcoin experienced a huge fluctuation last night. At nine o'clock in the evening, the price began to break upward, and suddenly the price rushed to around 68,000. There was another big positive line trend like the one on the 14th. We can see this from the one-hour level. At the beginning, it closed with a very strong big positive line.
However, the price soon failed and began to fall. In the next hour, the price suddenly plummeted again. It can be seen that in the next hour, a large negative line was directly closed and broke through the support level. The lowest price fell below the key integer position of 65,000.
From the perspective of technical analysis, an engulfing structure appeared after this large black candlestick closed, but the price did not continue to fall. Instead, it continued to fluctuate upward. Now the price is still around 67,000.
In general, this wave of market fluctuations is very large. Although there is an engulfing large black candlestick, which can be understood as a false breakthrough, so far, the price has risen compared to yesterday, because yesterday the price was around 66,000, and the overall increase was about 1,000 points.
All in all, it is still rising. We have been bullish on the market recently. In the articles two days ago, we analyzed that the price had encountered key resistance, but I said with certainty that there was a high probability that it would break through. Sure enough, the price subsequently broke through upward.
Then looking at the current daily line, the price has now come to a new resistance position, but this time it is different. I think the current upper resistance is more critical than the previous one. We can also observe this from the chart above.
Obviously, this is a daily descending trend line resistance that is difficult to break through. The price has tried to break through many times before but all failed. Moreover, after each failed breakthrough, the price has experienced a huge drop. Almost every time, the price has reached a new low.
Every time, everyone may feel that they have fallen into this bear market, but now the price has come back again. Can it break through this point? I think the probability of this breakthrough is very high. In fact, we have already seen 90,000 in yesterday’s article. It is also because of yesterday’s views. So I think there is a high probability that it will continue to break through here, and the bull market is coming!
