11.4 Bitcoin's attempt to break historical high fails! Will there be a second breakout opportunity this week?
Bitcoin's current price is around 69,200. At the end of last month, Bitcoin experienced a very strong surge, reaching a peak of around 73,700, but subsequently failed to break through again and chose to decline after a period of sideways movement.
Initially, it dropped to around 69,000, and subsequent attempts to rise were unsuccessful, leading into the weekend. Then, yesterday morning, the price continued to decline, hitting a low of around 67,000.
As we enter a new week, which is today, early in the morning, Bitcoin's price has started to show signs of an upward trend again, currently returning to above 69,000.
From a daily chart perspective, since Bitcoin's attempt to break the historical high failed, it has recorded four consecutive bearish days. The rebound early this morning seems to show signs of a bullish candle, but from the daily view, it is still far from sufficient.
The trend of continuing to rebound and attempt to break through is not visible from the daily chart, but I believe there should be an opportunity for this to occur in this new week, as Bitcoin attempts to break the historical high. I think this opportunity can't just be a one-time attempt that fails and then returns to a sideways or downward trend.
From the MACD perspective, currently, the MACD fast and slow lines are forming a death cross above the zero line, which is a very unfavorable formation, indicating that the resistance above is still very strong, and Bitcoin's upward momentum is insufficient.
I currently believe that this week there may be another opportunity to attempt to break through the historical high resistance above. I hope this time Bitcoin can unleash very strong energy; if it fails to break through again, it will be very hard to say what will happen next.
