5.7 Bitcoin failed to break through! Is the downward trend about to start again?
Bitcoin has been in an ascending triangle trend these two days, and the low point is rising. It wants to break through the key resistance above. The price tried to break through yesterday, but from the one-hour level in the future market, this wave of breakthrough failed.
I believe that many people may have chased too much when the breakthrough occurred, thinking that the price would surge. The highest price reached around 65,500, and then the big negative line began to fall. The current price has fallen back to around 63,000.
As shown in the figure, from the daily level, the price closed with a negative line yesterday, and the closing price received below the middle track of the Bollinger band at the daily level. I think this is a bad situation. Now it can be clearly found that the price is oscillating near the middle track of the Bollinger band at the daily level. If today's daily closing continues to close below the middle track, then I think the next market is likely to continue to pull back. Now the price is below the middle track.
The point of the callback may be near the previous low point, about 61000. There is probably still a strong support position here. I think we can ambush here and wait for the opportunity to go long. Taking into account the price to continue to callback, I think this may be the last wave of opportunities for bulls.
If the price continues to fall here, then we will enter the monkey market or bear market next. At present, from the daily level MACD, the fast and slow lines are still in the trend of golden cross, but because this golden cross is formed below the zero axis, the bullish trend of the golden cross is not very obvious. You can continue to wait for the price to break the zero axis before going long.
Of course, we are not worried that the price will fall soon. Today's market is still going, and it is still possible to continue to rise above the middle track of the Bollinger band at the daily level. If tomorrow's daily price closes above the middle track of the Bollinger band, then it is still a bullish trend. We still continue to consider long operations!
