$BTC 5.14 Bitcoin market analysis: Bitcoin has built a descending flag structure since it fell from 73,666. This structure usually presents a five-wave pattern of WXYXZ.
At present, the end point of wave Z is still unclear, but the overall trend indicates that once wave Z is completed, it will eventually break upward. Wave Z may have formed the lowest point at the current position and started a new round of rise; another possibility is to continue to fluctuate, or even have a false breakthrough, and then retreat again, and then rise again.
At a small level, Bitcoin built a flag structure, and after breaking through yesterday, a long order was established at 61,300. At present, the long order defense position can be set at 62,000 points. If it falls below this position, it may continue to fluctuate; if it does not fall below, it is expected to rise directly.
Order opening suggestion:
For long orders arranged near 61,300, the stop loss is moved up to 62,000. If the low point is hit below 60,000 again, it will enter the long order layout range again.
