4.9 Bitcoin successfully broke through! Is the price about to soar?
Yesterday afternoon, Bitcoin tried to break through again. This time, it broke through the trend line and rose directly. As shown in the figure, the current price is around 72,700, and now the price has adjusted back to around 71,500.
Yesterday afternoon's market trend made our members' long orders perfectly profitable. This was a long order opened on the 5th, with an entry price of around 68,000 and a stop-profit point of 72,300. The perfect stop-profit also took a 4,000-point profit. At present, this rise is in line with our goal, so this order is almost stopped at the highest point.
Although the price has broken through the downward trend line at the macro level, the price has been adjusted at the short-term level. Although it has broken through the previous high point, the price has been adjusted back to below the previous high point. Because it has broken through the previous high point, this position has become the support of the price, because the resistance has broken through the resistance before, and the resistance has become the support, which is what we often call the support-resistance exchange point.
But now the short-term price has fallen below this support-resistance exchange point, so from a short-term perspective, this callback is not very good. First, the price has not risen much after breaking through the previous high, and then the short-term price has been adjusted too deeply, so this trend is not very good.
But this is the short-term situation. We cannot deny that the price has broken through the key trend line position at the macro level. So although the short-term callback is not very good, I think it is unlikely that the market will reverse again. At least I think it is unreasonable to find a signal of market reversal from the short-term, and most of the signals are invalid.
At present, I think we can continue to be bullish. If the price falls back too much, it may be an opportunity to get on board. However, there is no sign of stabilization in the short term. We will wait for the price to give a pullback support at the key point before we get on board. If you cannot judge the pullback support point, you can continue to wait for the price to break through the new high before entering the market, or join my team.
