Bitcoin disk analysis:

After rebounding in the early morning and encountering resistance levels, Bitcoin fell again, falling directly below yesterday's first and second supports, and is currently testing the third support. We also said yesterday that the first support fell below, and the price entered the lower track of the daily Bollinger Band. There is a risk of continued decline in the short term, and the extent of the decline can be seen around 62,000.

But optimistically, after falling below the first support of 68,000, there is still support from the monthly line, which is the support near 65,000. At the same time, this support is also the strongest support in the near future. The support is currently being tested for strength.

Let’s look at the rebound resistance level first. The first resistance level is 68,000, which was yesterday’s first support level and is the key support for the daily trend. Now comes the key resistance level. The second resistance level is near 73,000. This resistance comes from the limit of the daily Bollinger Bands.

The strongest short-term resistance level comes from the resistance brought by the weekly line near 74,000.

Of course, what many people are now concerned about is not the resistance level, but the price drop of Bitcoin. Since it has fallen below the daily trend, where is the short-term support? How much room for decline is there?

The first support, 65,000, is short-term support with strong support strength. This support is provided by the weekly EMA7 and the monthly Bollinger Bands. The technical support provided by the large-level time line is strong.

The second support, 62,700, is short-term support. The support is weak. This support is provided by the lower line of the daily Bollinger Bands to provide effective support. The relative support strength is weak.

The third support, 61,300, is short-term support and has the strongest support. This support is effectively supported by the middle line of the Bollinger Bands at the 3-day line level and the golden section of the Fibonacci retracement level between the lowest and highest levels in history since 22 years ago. . Especially for the latter, callbacks in an upward trend and the golden section of Fibonacci retracements often form an effective support data.

However, from a technical point of view, we can emotionally understand that once it falls below the first support near 65,000, the bottom will lose real effective support in the short term. Until the strongest support is near 61,300, there is still room for a 3,700-point decline. Therefore, the first support may be more critical at present.

When the price of Bitcoin fell below yesterday's first daily support line today, the price of Bitcoin reached the lower track of the daily Bollinger Band. Running at the current position, it may have to withstand greater selling pressure.If there is no support of 65,000, the risk of Bitcoin falling to around 62,000 in the short term is already very high. Now the short-term pressure has given today the first support. If this support breaks, then Bitcoin will fall back to the monthly Bollinger Band, and there will be more room for decline. increase, the subsequent rebound will face this strong resistance point.

And the monthly resistance point may be stronger than the weekly resistance point.

At present, the price of Bitcoin has fallen below the Bollinger Band trend in 1 hour and 4 hours, but there is an obvious Bollinger Band divergence in 4 hours.

Combined with the fact that the RSI relative strength expenditure has fallen below 40, if there is no continued negative sentiment guidance, there will be a high probability of an oversold rebound sentiment at the current support position.

The recent continued sluggish market sentiment, due to the expectation that interest rates will not be cut for the time being, has made the U.S. stock market weak. Market sentiment and market funds have begun to be suppressed due to the actions of the Federal Reserve and the emotional tension in the financial market. The mood is relatively pessimistic, and the risk market is Risk aversion is also increasing. But we still have to rely on data to speak.

When we analyzed the data yesterday, we said that this week, as the first week of April, the overall market data and sentiment will be optimistic as long as it slowly improves.

Today we see that although Bitcoin has fallen, many tokens in the copycat market have begun to rebound strongly. The decline of Bitcoin has released more funds. Will this trigger a wave of copycat craze?

Later comes crypto market data analysis.

#BTC