Brief analysis of the trend of Bitcoin

I. Daily situation

The Bitcoin daily line has tested and broken through MA20 for the fifth time. If the rebound does not exceed MA20, the price may continue to fall and find a lower level.

It is now testing the bottom support of the rising channel, as low as 95700. It was close to 94150 in the previous two times. The strength of this area and the bottom support of the channel is key.

MACD and RSI indicators are downward, short-term decline is dominant, buyers are weak and sellers are strong.

II. 4-hour situation

The price in the 4-hour chart has fallen back to the 94000-95000 dense trading area. Radicals may have a short-term rebound opportunity because the transactions in this area are mostly supportive.

However, the rebound pressure level is about 100000. If it is difficult to break through, the rebound may stop, and then fall or consolidate.

Therefore, radicals need to keep an eye on the price momentum and pressure level breakthrough when operating, and control the risk.

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