Checking homework: BTC successfully defended and stood above the key resistance of the daily line, and there is still room for bulls! Is it appropriate to be bearish?
Before going to bed last night, I assigned BTC the weekend homework as usual. Since it has broken through 65,500, the goal is to stabilize it, so that the altcoin may usher in a wave of carnival over the weekend.
At present, the operation has been initially completed, and the BTC price has successfully stood above the key support of 65,500 weekly line. The bulls are more stable and there is still room above. However, there are still some friends who are bearish. Regardless of whether they are right or wrong, the following article will explain.
What are the key resistances above?
1. 67,800 The upper line of the daily Bollinger Band brings a certain resistance. The daily moving average will move up rapidly over time. For the time being, we regard the resistance as around 68,000. The current price is still 1,500 points away from this resistance.
2. The resistance of 72,000 is not from the technical aspect, but is judged based on the previous high of 72,200 on the daily line. Because there are still some friends who are bearish and think that the current market is rebounding. In fact, if you magnify the cycle, it may not be wrong. But we must see whether the previous high of the daily line will be broken.
3. I looked at my friends’ opinions and lines, and found that they were a bit too subjective and bearish. Line drawing is sometimes too subjective. A subjective bearish line may result in a downward trend, while a subjective bullish line may result in an upward trend. (I am not DISSing anyone. Some friends do look at problems from a technical perspective in an overly subjective way. I cannot say that they are wrong. After all, everyone is looking for a higher probability, and the tools used are different. However, if you are too subjective, you may lose your rationality.)
As for this friend's point of view, we cannot object, because the previous high position has not been tested, and the current price is still in the "downward channel" he drew, so I will use the previous high position of the daily line as a key resistance and see if it breaks through.
Of course, I respect my friend's bearish view, but I do not agree with his actual shorting. Now that the price has returned to the upper track of the weekly line, the bullish gains will be continued to a certain extent. At least for now, there is still a profit of 5,500 points from the previous high.
4. In terms of narrative, we did not wait for Biden’s withdrawal of the nomination announcement over the weekend (perhaps we will have to wait a little longer), and next week will see the consecutive#ETFapprovals, core PCE, and the Trump conference. These things are not strictly positive, but for the current crypto market that lacks narrative, these are all "good medicine."
Yesterday’s first comment was that BTC was completed perfectly, and the second was about the activity of the altcoins. Later I will compile statistics on the market data and changes in the US USDC during the week.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
