Last week, I made a simple analysis and forecast for the trend in June. In the article, I emphasized that the first half of June will be dominated by a unilateral trend, and Bitcoin will continue to fall back to the 65,000-62,000 support area. So far, the price of the currency has retreated from last week's high of 70,222 to a low of 64,000, which is almost exactly in line with my analysis and forecast. The first half of June is coming to an end. Can the second half of the month continue to break through 62,000 as I predicted? Let's listen to this analysis.
If I tell everyone now that Bitcoin is going to rebound to 70,000, a lot of people will definitely scold me, especially those who are bearish to the point where the price starts with 5. People in this industry are not afraid of being scolded, because no one will praise you even when you are right. Most of them just want to laugh at you. If you are right, they will say you are lucky, and if you are wrong, they will call you an idiot. They have long been used to it!
From the daily trend, it seems that there is no hope for a rebound. The momentum is constantly weakening, the price is also falling, and the downward trend of the daily line is still strongly suppressed. There was a breakthrough last week, but it did not stabilize. At that time, I also clearly emphasized that stabilization depends on the daily line, and the short-term breakthrough is not convincing. Why should we look at the rebound when the market is going to fall anyway? The following is my view on the rebound.
1. Although the daily line formed a volatile downward trend after coming under pressure at the high level of 70,000, the overall structure is still on the rise, so my bullish idea has not changed in the big cycle, and the daily line just rebounded after falling back to around 64,000 and did not fall below the big trend support line.
2. Judging from the recent shock structure, Bitcoin has been fluctuating downward, forming a unilateral downward trend. Even if there is a sharp rebound in one or two trading days, it will actually retreat and recover in the next. If it cannot really break down, the longer the shock lasts, the more unfavorable it will be for the bears. The shock becomes a correction in the rise. After the correction is over, is it time for the bulls to continue to exert their strength?
Comprehensive analysis shows that the key point of this bullish pattern is 64,000. If the daily line continues to fluctuate and fall and falls below 64,000, the bullish formation will not be established, because the 64,000 position is not only the support point of the pattern, but also the support point of the large-cycle upward trend line; therefore, if Bitcoin falls back to around 64,000, you can again deploy mid-term long positions in batches.
This article is original by me, Brother Bin. The above analysis is only my personal opinion and is for reference only. Investment is risky and you should be cautious when entering the market. Please indicate the source when reprinting!
