#BTC market analysis: The daily amplitude is narrowing, and the key point breakthrough is imminent. Can it be achieved in one go this week?
BTC hit the daily mid-line resistance and then fell back slightly. It is currently stabilizing and fluctuating at a high level. Can it break through in one go this week? I think this week may be the best opportunity.
The price is still within the width of the daily lower track, ranging from 53,000 to 68,400. The moving average has experienced a day of operation, the daily middle line continues to move downward, and the daily lower line moves upward and downward to shrink the range.
When the range is shrinking, the market may lose liquidity in the short term, but when the range is compressed to a certain range, the breakthrough will inevitably be strong.
Resistance support and outlook:
Short-term resistance, daily line 58,400, the price stabilizes above and returns to the upper track of the daily line. Note that it is not a false breakthrough, but a stabilization.
Looking ahead, after the breakthrough, we can pay attention to the turnover of the 60,000 integer level. If everything is optimistic, this rebound breakthrough will show the key position near 63,000.
Support, daily MA7 56,200. Daily MA7 began to rebound after completing the support test last night. At present, this position still has certain reference value.
The short-term resistance and support can be seen at the hourly level, so I won’t go into details here. I don’t currently trade at a small level.
Summarize:
Why I think this week is an opportunity for a breakthrough, because the bullish trend shown after the data release can be continued this week. On the contrary, next week, facing the trading days before the interest rate decision, the market may be more cautious, which is not conducive to price breakthroughs.
At the same time, if the price continues to be at the key resistance level and cannot break through, it will cause the price to fall in the short term, which is a bit unfavorable.
According to current sentiment expectations, the market has basically recognized a 25 basis point rate cut. If the monthly retail rate does not deteriorate next week, market sentiment will basically ease after the rate cut. Of course, the big premise remains - the data after the rate cut should not deteriorate, otherwise the market's reaction at a sensitive time may cause large fluctuations.
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