7.12 Bitcoin plunge is coming?
Bitcoin once again attempted to break through the previous high resistance yesterday, but we can clearly see from the subsequent market that this attempt to break through failed again. The current Bitcoin price has fallen to around 57,000.
According to the text message, there was a double bottom structure at the bottom before, and then the price rebounded and broke through the neckline but failed to break through successfully. In addition, yesterday's breakthrough failed, and there was a double top structure on the top. The current price has broken the neckline and may continue the decline of the double top.
In yesterday's video, we mentioned that it is very dangerous to oscillate at this place, because from the daily level, the top can be seen as a box of sideways oscillation. The previous price drop has broken this large box structure. Now the short-term double bottom rebound just retraces the bottom of this box. If the price oscillates at this place, it will not be able to go up, and then the next step is to start a trend of continued decline.
Then from the overall short-term situation, as shown in the figure, the current situation is also very pessimistic. Now we can roughly see the trend of an upward channel. I also marked the follow-up situation of the previous upward channel trend in the figure. After breaking, it is a trend of continued decline.
The upward callback continues to rise, and the downward rebound continues to fall. This is the simplest trend description, and it is also the trend we can often see on the market. At present, the price is in this trend.
So in the current situation, if you want to continue to do more, either you can falsely break through the previous low point and rebound to support it, or the price can directly break through to above 60,000. I think in these two cases, it is most appropriate to participate in the long position.
