9.13 The bulls are still strong! Can they break through at the last minute?
Bitcoin tried to stand at 58,000 yesterday afternoon and early this morning, but failed. We can also clearly see that there is a resistance position at the front high point near 58,000.
This resistance is a very strong resistance level. I think this is also an important reason why Bitcoin has not been able to overcome 58,000. Bitcoin has tried to break through the resistance many times and failed. The current Bitcoin price is still not above 58,000. After many failed attempts to break through, I think the probability of starting a callback is very high.
So the next time to the evening is the time when Bitcoin should pull back downward. It depends on where it can pull back. I think the key support below is 56,400.
Then of course there is another probability that the breakthrough fails, but Bitcoin does not start the callback, but keeps fluctuating sideways near the current high and cannot go down. In this case, the probability of continuing to break upward is very high.
Because it stands to reason that after the failure of the bulls' breakthrough, the bears should take advantage of the victory to counterattack, but it is obvious that the bears have exhausted most of their energy when preventing the bulls from breaking through, and they have no strength to smash the market. Therefore, the price did not fall rapidly after the bulls' breakthrough failed.
On the contrary, we can imagine that the bulls have tried to break through many times, although they have not succeeded, but they have not collapsed. Instead, each breakthrough is more like throwing stones to test the water, throwing bricks to attract jade, waiting for more bulls to break through together, so although the price fails to break through, it can still remain at a high level, which is a strong performance of the bulls.
Although the current situation, from the perspective of the market, I think it is more favorable for the bulls, but we also need to pay attention to some time constraints. Today is Friday, so if there is still no breakthrough from the afternoon to the evening, it seems that there is no chance of a breakthrough on the weekend. Generally speaking, it is difficult to have a big market on the weekend.
Of course, strong bulls can still choose to continue to sideways at a high level on the weekend, and continue to break through on the working day next week!
