#BTC market analysis: The market fell sharply, and both the daily and weekly trends fell below. Which position is suitable for bottom fishing?
Last night, the price fell below 60,000 and I was still considering the weekly support around 58,500. As a result, the BTC price fell directly below it. With the weekly update, the price is currently breaking through both the daily and weekly oscillation ranges.
However, the technical side is still relatively pessimistic. If the price falls below and cannot return to the range, the decline may continue to the monthly level. Currently, the most effective and nearest support of the monthly line is around 42,000.
Currently, the RSI index has fallen to around 25, which theoretically has triggered an oversold rebound, but what needs to be paid attention to in the rebound is whether it can return to the key range.
Key positions of the interval:
55,000 is a key position in the weekly range and the lowest line of the weekly oscillation range. If the price rebounds above this position, the decline will be weakened.
57,355 is a key position in the daily range and the lowest line of the daily oscillation range. If the price can rebound to this position and stabilize, the decline will be weakened to the greatest extent and market confidence will be much better.
However, it is still the Asian session, and there is a lot of "noise" in the market. At the same time, the European and American trading hours have not yet started, and the market is still full of many unknown factors, such as whether the opening of the US stock market tonight will lead to a collapse? Will the conflict between Iran and Israel escalate today?
Bargain hunting:
Regarding the issue that everyone is most concerned about, I will only tell you what I think is the appropriate position. Below 50,000, any position is a position where I can open a position. If the most likely scenario is a monthly line pullback, then the lower limit support is around 42,000. In that case, if I open a position below 50,000, the downward space is only 15% at most, and there will be many opportunities to cover my position.
Many people like to wait for the market to fall further after it falls. They wait for 40,000 from 50,000, and wait for 30,000 from 40,000. In the end, they will find that what they are waiting for is a rise and they miss out on it. Don't try to find the bottom of the market. It is better to find a bottom that you expect in your mind.
Below 50,000, to 42,000, the downward range is limited, and it will not necessarily fall so deep, and there is more room for growth above. Once institutions or the United States adjust their economic strategies, the market will continue to stabilize and rebound. I personally think that building positions in batches below 50,000 is a good way to attack or defend.
Building positions in batches not only ensures that you don't miss out, but also ensures that you can add to your positions if the price drops again.
Of course, this is my personal expectation, not an investment advice, and I will not accept rights protection!
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
