6.24 Will Bitcoin fall below 60,000? Is the bull market still there?

Bitcoin has been falling in a channel recently, as shown in the figure. In the early morning of today, Bitcoin continued to fall and hit a new low. The current price has fallen below 63,000. From the perspective of the channel, the current price is still in the channel and has been stepping back to the bottom of the channel, and there is no trend of a sharp drop.

If we observe the shape of Bitcoin from the daily line, we can see from the trend line that the current price is likely to be in a convergence pattern on the daily line. The price of Bitcoin continues to fall and is about to reach this lower trend line. If the trend line can support the price, then it is expected that the price will stabilize between 61,000 and 62,000, and there may be a rebound trend, returning to the top of this convergence pattern.

This rebound trend can be expected, because the price is a bull market uptrend before entering this large convergence triangle, so the convergence triangle is likely to continue to break upward, and the bottom of the convergence triangle at this current position is the most suitable bottom-picking position.

Of course, the price may not follow the convergence triangle, but may follow a box trend. As shown in the figure, if it follows the box, the price may fall to a deeper position and fall below 60,000. If it follows the box, the current bottom cannot be determined. It may just fall below 60,000 and come to around 59,000, and the price can be supported.

It is also possible that the price will fall below 60,000 and come to the previous low point, which is about 56,000 or 57,000.

But it is still the same point of view as before. The big trend is generally not easily reversed, because before entering this convergence triangle or oscillating box, the price is a very strong upward trend, so I think they are likely to continue to break through upward after adjustment. So when they come to these key positions, we will look for an opportunity to go long in the short term!

#BTC走勢分析