#BTC finally made it to the weekend, and it won't fall again in the next two days
Yesterday, the price of Bitcoin was rising well during the day, until the opening of the US stock market, the nightmare of bulls came again. First, it quickly broke through 59,000, and then quickly pulled back. The bulls who cut their losses were regretting, and the bulls who didn't cut their losses were secretly rejoicing. At 22:00, the air force once again broke through 58,000 in one fell swoop. The bulls who were just rejoicing were already stupid. It was simply a harvesting trend specially designed for them. After the repair in the second half of the night, Bitcoin returned to above 59,000 at this time. The price did not change, but the money in most people's accounts became less.
Bulls also took a breath for the time being. They used to hate weekends because there was no market on weekends, but now they look forward to weekends because there will be no decline on weekends.
After analyzing the trend over the past few days, the support of 58,000 is still strong. It was recovered after three consecutive breaks, which is the place where the bulls resisted stubbornly. Today's market analysis: From the K-line, the 1-hour sideways trend, the 4-hour level is an upward trend, the 12-hour and daily levels are all downward trends, the intraday pressure level is 61000, and the support level is 57000. In the oscillating market, the daily K-line cycle SAR indicator turns, which is the boundary of the oscillation consolidation. In other words, the lowest price of 57700 last night should be the lower track of the recent oscillation range. The middle price of the 65000-57700 range is around 61500. If it stands below 61500, the oscillation range of 61500-57700 is weak, and the oscillation range of 61500-65000 above 61500 is strong.
In early August, the big cake continued to fall, and the market has cleared more than 3 times the leverage. It is difficult to fall again, and it requires real selling pressure to smash the market. After the big drop, the rebound and shock consolidation, the market sentiment is scattered, which is easy to cause bearish sentiment, cultivate the counterparty, and when the counterparty is sufficient, in the shock market, as long as the price stands in the strong area of 61500-65000 in the shock range, the short stop loss will assist the market to rise.
If the long position of Bitcoin is not confident, just imagine that after the Bitcoin halving, the current Bitcoin price is equivalent to 29500 before the halving. The lowest price of 49000 is equivalent to 25000 before the halving. The highest price of 65000 this week is equivalent to 32000 before the halving; 32000-25000 is just the consolidation range of half a year from April to October at this time last year.
After Bitcoin stood at 32000 at the end of October last year, the upward trend began.Although the short-term trend of Bitcoin is weak, the medium- and long-term trend is still optimistic. We look forward to the performance in the fourth quarter.
