3.29 Bitcoin’s daily line appears in a triangle pattern? Is it likely that the correction will continue to fall?
From an hour's perspective, Bitcoin is now starting to fluctuate. As shown in the figure, the price has reached the previous high point yesterday evening, but it still failed to break through. It is obvious that this is a very strong resistance position, plus the previous I have tried to break through and failed to break through here three times, so this position near 71600 is a strong resistance level for the current price of Bitcoin.
Then we come to the daily level. Although a positive line was closed yesterday, it is obvious that the daily level also started to fluctuate, and the K line stopped and started to move sideways. Now that the price has begun to pause, there is a chance that this will become the high point of the band, and the price may retrace here.
So at the daily level, we can assume that this will become a high point, and then connect the trend line, and then connect the trend line of the low point below. As shown in the figure, it can be clearly seen that the price is likely to go out of a high point at the daily level. Convergent triangle.
Then the price is likely to pull back to the bottom of this triangle convergence form. According to the prediction in my picture, if the price pulls back according to the triangle convergence, then the price is likely to pull back to a position near 63,000, which means that we There is an opportunity to continue to get on board at this low level.
So let’s go back to the short-term. The price has failed to break through three times. If the price continues to break through this sideways and volatile range, more aggressive friends who want to reap the profits of this correction can consider entering the market. Of course, I will also do it again. It shows that the current upward trend is that the winning rate of short selling is definitely relatively low.
If you also feel that the price cannot break through three times and may fall back, but you still feel that it is dangerous to go short, be more prudent and continue to wait for the price to reach the bottom of the triangle convergence pattern I just mentioned. Then consider getting in the car.
If you are afraid of being short, you can also wait for the price to directly break through the current price and go to chase the long position. For example, if the current box breaks through directly, it also means that the price has started to rise!
