4.19 Bitcoin is about to halve! But the rebound is weak! Will there be a crash? Or will a miracle happen?
Bitcoin fell again this morning. The position of this fall is still the previous low point, which is a large-scale bottom support position, but it has been tested twice not long ago. It hit it again this morning, and it also fell below 60,000.
Then it has not fallen yet for the time being. The price has rebounded slightly. The current price has returned to around 62,000, but it is obvious that the strength of the rebound is still not enough. Although the price did not fall through each time it tested the bottom position, it also rebounded later, but the strength of each rebound was gradually weakened. We can simply see this from the market.
As shown in the figure above, the price can draw a downward trend line, and then combined with the bottom heading support position, you can simply draw a descending triangle. This is a bearish pattern, and the price will fall sooner or later.
In fact, the price has been running at this bottom for a long time. Before, we still believed that this place had a better chance of being supported because it was a large-scale support. But looking at the rebound in recent days, it is too weak, so we can't help but think about what to do if the price falls through.
If you find that the market is not right, you must be mentally prepared. If you regard the top shock trend as a box, then the fluctuation range of this box is about 16%. If the price falls below or breaks through this box, in general, we will think that the price may go through another range of the box. As shown in the figure.
That is to say, if it falls below the box, the price may fall another 16%, so the price of Bitcoin will probably reach around 50,000. Now the price is around 60,000, which means that if the price falls through this support position, it may fall another 10,000 points.
At present, it is less than a day away from the historic halving of Bitcoin. Maybe there will be a miracle, such as a direct breakthrough of the trend line and rebound. If there is an obvious rebound, we can chase it later.
