Let the data speak:
Although the total market value of the market is declining compared to Tuesday, the decline is small, only 4 billion, among which Ethereum fell the most, followed by Bitcoin, while today's cottage brought an increase in market value. After being frightened by the decline of Bitcoin, cottage showed obvious signs of rebound.
In terms of trading volume, the trading volume decreased significantly during the market rebound, proving that the seller's power decreased during the price rebound. Among them, the trading volume of Bitcoin and Ethereum decreased less, and the trading volume of cottage decreased more significantly.
In terms of funds, today's data performed well. Compared with the data on Tuesday, the on-site funds increased by 800 million, and the off-site funds flowed in by 1.39 billion, which means that 590 million of the funds directly entered the market for trading, and the other 800 million remained in the market waiting for the opportunity to buy. The inflow of funds still represents the traders' optimism about the market outlook.
In terms of data, it can be summarized that although the market has fallen, traders are still optimistic about the market outlook, and the sentiment has slightly warmed up, and more efforts are needed.
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Bitcoin has already gone out of the downward trend from the 1-hour, 4-hour and daily level. The large-level 3-day weekly pattern has no downward trend for the time being. In other words, if the price rebounds and rises within a certain period, the overall trend will not be directly changed.
At present, the effective support that can be seen at the daily level of Bitcoin is the 61,200 gold support level I mentioned on Tuesday. However, this support level is effective from the daily level, but it is obviously broken and rebounded in the 1-hour and 4-hour levels. This shows that the liquidity of the current market has deteriorated, and the technical support ability has also deteriorated, especially in the decline and trampling guided by emotions, and the support is more difficult to support.
At present, due to the relaxation of macroeconomic sentiment, there is a sense of oversold rebound, and the sentiment has improved. The resistance level to pay attention to in the short-term rebound is currently 63,000, the 4-hour Bollinger band midline. At present, it has encountered a pullback at the resistance level, indicating that the sentiment of the rebound is still not too high.
For the second resistance level, pay attention to the breakthrough and stabilization of the two positions of 65,000 and 67,200, especially the latter, which is the key resistance level of the daily line. Breaking through it will change the daily trend.
For the lower support, the 61,200 gold support level is relatively important in the near future. After breaking through, look at the two supports of 58,800 and 54,000.
The RSI relative strength index has rebounded to around 35, which has triggered the oversold rebound sentiment, but the market has not activated too many buy orders, which is still a bit weak.
To be honest, I dare not say too much about the lower support now, for fear that you will understand it as bearish. In fact, once 60,000 breaks, it is indeed troublesome. The best way is to fluctuate and fall. And from the current liquidity, the support is weak and it is easy to be broken through by emotions. Pay attention to contract trading.
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