Has $BTC fallen to the right level?
Obviously, 64500 is a standard technical support level in the left low-level oscillation range. In the case of weak supply, this is a good callback target point. So why is the supply weak?
Because the decline in trading volume at night did not exceed the supply column trading volume in the past two weeks, but there are indeed signs of gradual expansion;
So in the current market, the supply of funds on the market has been released, but the off-market funds are still uncertain. Considering the US stock market's explosion last night, which led to a rebound in BTC prices, the market after 64500 will be handed over to the US stock market.
At present, there is no obvious small-level trend in the US stock market, so before that, BTC will gradually enter a wait-and-see state;
Generally speaking, 1 to 2 a.m. is the time when the US stock market fluctuates the most, so according to the trend of the US stock market in the early morning, BTC has two options:
1. If the US stock market continues to soar with a daily RSI value of 82, BTC will not only stop falling, but also get a good rebound and return to the oscillation range above 65,000;
2. If the US stock market begins to pull back and the small-level cycle draws a door, then BTC will follow the trend and fall below the technical support level to the chip supply and demand level, which is the core chip control point of the left oscillation range VPVR, around 63,000, and then start a new oscillation in the 63,000~64,500 range.
But from the perspective of market sentiment, the pullback does not seem to be enough.
Because the long-term wide fluctuations give people an illusion that the price of BTC will always fluctuate within a large range
The most disgusting thing about this market is that it repeatedly feeds you sugar and gradually reduces your risk awareness until you begin to firmly believe that a certain price will never fall below and start to buy more as it falls.
The entire fluctuation range has almost no support from the supply and demand side of chips from below 61,000
When the price falls below 61,000 again, don't hold on, because there is at least a range of $10,000 below this position to get out of a smooth plunge!
