24/07/04BTC daily line continues to break below 57800, testing the M head and neck line support for the second time, focusing on the bull-bear watershed?
Recently, the cryptocurrency market has been wailing. In the past month, the HIGH of the altcoins has fallen by 74%, TNSR has fallen by 64.73%, and ENA has fallen by 55.83%. In this wave of decline, the altcoins have generally fallen by 60-70%, and some have even fallen by 80-90%, which is even greater than the decline on May 19. Ethereum of Bitcoin has fallen by about 20%.
Bitcoin's lowest pin of 57800 fell below 58400. Although it is still around 58900, it fell below the bottom of the column that fluctuated for more than 10 days. Ethereum's decline yesterday and today broke the lowest pin of 3155 on the weekly BOLL. Bitcoin and Ethereum both have weekly and daily M-shaped heads. Once the neckline position of the bull-bear watershed is broken, it may turn into a small bear market, so everyone must pay attention ⚠️…
Flatbread
The weekly and daily lines are testing the M head and neck line support, which I call the bull-bear watershed. If it falls below 56552, the spot will not be cleared, but it will be reduced by half to prevent the 519/312 black swan special event.
In the 72000 decline, we are reminding that the rebound did not break through 70400, and the position will plummet. The rebound at 58400 reminds us that it will rebound, but the rebound is too weak and it will continue to fall after touching 63800. Now it is a test of the M head and neck line support, and there is still no sign of stabilization, so we can only wait and see.
The daily chart previously reminded that the triangle pattern was punctured in the morning. Once the bottom oblique line of the triangle falls below, the horizontal support of 56552 may not be maintained. The bat pattern also mentioned that the general direction is bearish. The first bottom-picking opportunity previously reminded is 59600-62000 (broken), the second bottom-picking opportunity is 55000-56552 (support is being tested near this area), and the third bottom-picking opportunity is 43000-45000 (extreme situation). Wait patiently.
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ether
Ethereum is all about ETF spot expectations, but the time has been postponed again and again, which has also caused the market to move down. It fell below 3355 and hit the lowest pin at 3155. From a technical point of view, it has not yet bottomed out. The weekly line fell below the BOLL middle track. Although it is a certain distance from the M head and neck line, it still depends on the support strength of the M head and neck line of the big cake.
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