Bitcoin market analysis:
Today's theme is still to recharge your faith. The decline of Bitcoin after the early morning surge was used by many people to create anxiety, thinking that the breakthrough would continue to fall, so many people began to panic. Today's market analysis is still to help everyone understand the market rationally.
Just like a topic that Teacher Ni talked about in the past two days, under the market, it is not necessary to be bullish and chase the rise when it rises, and it is not necessary to be bearish and chase the fall when it falls. Pay attention to the situation of resistance and support levels. Breaking through and not breaking through are two concepts, and whether the decline can fall through are also two concepts.
First look at the resistance level of the rebound:
The first resistance: 67,750, the resistance of the middle line of the daily Bollinger band. If it breaks through and stands firmly at this position, the price will return to the safe zone of the upper rail of the daily Bollinger band. You can continue to be bullish.
The second resistance is 68,500, the short-term resistance level of 4 hours, and the pressure to break through is not great.
The third resistance is 72,800, the upper line of the daily Bollinger band. If this resistance level is broken, you can see the historical high.
The key resistance level is still the situation around 74,000 brought by the upper line of the weekly Bollinger Band.
For the resistance level, everyone should be more concerned about the support level. Let's take a look at the changes in the support below, whether the price is likely to continue to fall, and which positions are more important after the fall.
The first support, 65,000, is a short-term support with strong support strength. Yes, the first support is still 65,000. If it does not fall effectively, the support situation at this position can remain unchanged for a month. Because it is supported by the monthly Bollinger Band, and the weekly EMA7 provides auxiliary support.
The second support, 62,500, is a short-term support with weak support strength. This support is provided by the lower line of the daily Bollinger Band and the middle line of the 3-day Bollinger Band. We can compare the support data of this position in the past few days. The support has obviously become stronger, but compared with the first support, it is still a weak support. We can regard it as a short-term buffer zone.
The third support, 61,300, is a short-term support with strong support strength. This position is also a commonly used support point in the recent period, but the support has weakened. Currently, the support is only provided by the golden section point of the Fibonacci retracement level. However, under the premise that the overall market is not turning bearish, the golden section support of the Fibonacci retracement level will often form a better support rebound signal.
The RSI index has fallen back to around 42, and the data is relatively neutral, so the impact is not significant at present.
At present, the price of Bitcoin has not effectively fallen to the first support, and we have not seen whether the support is strong, so we can't blindly see the short-term price drop and think that it will fall deeper. Every time the support is broken, the market situation will change, and the selling pressure will also weaken or strengthen differently. Therefore, the decline of Bitcoin from early morning to now really can't be blindly pursued.
