Bitcoin failed to break through! The consequences may be very serious?
Bitcoin continued to try to break through last night. It can be seen that the price came above 68,000, and the highest price reached 68,400, but the selling pressure above 68,000 was still too strong, and the price failed to stand above 68,000 and fell quickly.
So far, the market has been in a state of oscillating decline, and the current price is around 67,300. From a technical analysis, the trend of breaking through 68,000 is a false breakthrough of the previous high point, but the result is a failure to break through!
Then the failure of the breakthrough will generally cause a decline, and the price will pull back to the support level. At present, I have also marked the key support positions at the current short-term level below on the chart. If the price can stabilize at these support levels, I think there will be opportunities to continue to try to break through next.
Then from the daily level, yesterday's daily line also continued to close with a positive line, but it is obvious that there is a very strong resistance at this position, which is also the position where we can see a very obvious trend line suppression from the daily line.
The price has failed to break through this place many times before, and then it has caused a huge decline. The price has continuously explored new lows, and the lowest price has fallen below 50,000.
If the price still fails to break through this time, I think it is very likely that the price will fall into a bear market. In the above picture, I have drawn the possible form of macd if Bitcoin fails to break through this position.
The fast line will cross the slow line again and form a dead cross, but it is obvious that this breakthrough is higher than the previous high point. The corresponding macd fast and slow lines are opposite to the price. This is a typical trend of macd top divergence, so if the breakthrough fails this time, the consequences may be very serious.
Of course, there is no such situation at present. We just made an expectation first, which is to remind everyone that once the trend changes, we must be sober in time!
