Bitcoin returns to daily Bollinger upper track after 33 days
In the early morning Trump incident, although it was impossible to clearly determine its positive effect on the encryption market, this incident did stimulate market sentiment and promote the rise and breakthrough of Bitcoin.
The daily resistance level of $59,400, which has been mentioned many times before (the latest position updated today), was broken through and stood firm, which marked the first time that Bitcoin returned to the daily Bollinger upper track after 33 days. Once it stabilizes on this trajectory, downside risk will be significantly reduced. At the same time, the daily midline has begun to shift, and after the price breaks through, it gradually affects the direction of the moving average.
However, it should be noted that the trading volume of Bitcoin today is basically the same as that on Saturday. The increase was not accompanied by a significant increase in trading volume, and liquidity is still low. At the same time, RSI sentiment quickly rose to 48 in the short term. This rapid rise in sentiment, but the market increase is limited, may lead to rapid consumption of bullish sentiment.
In the absence of significant volume increases, there may be "safety risks" to the stability of this position in the future. It coincides with the weekend market. Although the current position of $59,400 increases the probability of being bullish, it is recommended to wait until the trading volume and liquidity increase after the US stock market opens on Monday or even Monday night before making an accurate judgment.
In short, although it broke through and stood above $59,400 today, it still needs to wait for further verification after the market becomes active on Monday.
