Bitcoin market analysis:

Continuous sideways trading, emotional value is consumed, and bulls become pessimistic.

This paragraph can summarize the Bitcoin market for the past three days this week.

The picture still uses the market analysis picture on Monday. It’s not that I’m lazy, but there really doesn’t need to be too many changes. The only change is that the support has moved up a part.

For three consecutive days, the price of Bitcoin has been shuttling back and forth near the middle line of the daily Bollinger Band. The disadvantage is that the resistance or subsequent support at this position has become a bit of a joke. The small-level continuous breakthrough and breakout have never been able to effectively stand firm, indicating that the bulls and bears at this position are not strong. Moreover, with the consolidation of this key position, a lot of bullish sentiment in the market has indeed been consumed, and the sentiment in the futures market is also weakening.

The key resistance level is still around 66,500. If it stands firmly and does not fall in the short term, the bulls will increase, and vice versa.

The advantage is that the position is constantly changing hands, and the chips accumulated at this position are constantly increasing. In the current market, the turnover near a single price increases, and the chips are piled up higher and higher, which is conducive to the formation of an effective support point after the price rises in the later period.

The effective support below has moved up after 3 days of trend. The support of 64,650 is the effective support below the current price, which comes from the monthly Bollinger Band.

The support after effective consolidation continues to move up, which will also help the price stabilize in the short-term decline.

The RSI relative strength index has reached around 58.4. The value has increased, and the price has not increased too much, but it is currently in a neutral state.

The technical reference value of Bitcoin's current trend is still not great, and the focus is on market sentiment. Later, we will look at the market sentiment through market data and capital changes.

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