4.18 Bitcoin retracement to the key support position! But the rebound is weak? Is the decline about to start?
From the one-hour point of view, Bitcoin rebounded weakly yesterday and continued to fall. Now the market is very weak, because we can see that the price decline this time is testing the previous low point. In this case, the price retests the support position and has the opportunity to form a technical double bottom pattern.
So there should be a large number of buy orders entering the market, but at present we can find that the price rebound is not very large. The current price is around 61,500. Compared with yesterday's rebound, the price has not yet been able to rebound to the vicinity of the downward trend line.
So there should be a lot of longs buying at this key position, but the price rebound is still not obvious, which means that there are also many sell orders at this place, so the current price rebound looks relatively weak. Then I think it is probably not the big investors and institutions who buy, but retail investors, but institutions and retail investors are secretly selling!
Of course, I am just guessing at the moment, and this needs to be verified by subsequent market conditions. So how to verify it? It is very simple. Look at the subsequent rebound of the price. At present, the price has begun to move sideways at the short-term level, which looks the same as yesterday's market conditions.
And the recent market conditions, you can also find that they all occur from the evening to the early morning, which is not very friendly to our time zone. Then we are currently looking at the one-hour level. This situation is expected to continue until the evening, that is, the entire white market may be oscillating.
Then the white market time is most likely to be the time left for the bulls. If the bulls' counterattack is not strongly continued during the white market time, then the bears will exert their strength at night and continue to break down, which will cause a daily level decline, because this time the price retracement support position is the daily level support position.
Then we can observe the bulls' counterattack during the white market time through the trend line on the disk, that is, the price can continue to rebound during the white market time and break through the trend line, as shown in the figure, which means that the price should be able to support it temporarily, at least it can still support it for another day, and it will continue to rebound in the future.
