9.2 Where will Bitcoin stop falling?
According to today's market expectations, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 67%. This is the latest forecast data today.
Since the decline began on August 27 and August 28, although Bitcoin has experienced a few days of fluctuations in the middle, it is still on a downward trend. The lowest point of this round of decline has now fallen to around 57,000.
So from the short-term market, when it fluctuated in the past few days, Bitcoin finally found a support position at the bottom and began to try to rebound upward, but unfortunately the rebound trend did not rise. It seems that the support level was broken yesterday and today in the early morning. From a short-term perspective, I think the support level has been broken, and the price is likely to continue to fall.
Then from the daily Bollinger Bands, Bitcoin fell on the 27th and 28th, and the price suddenly fell through the middle track of the daily Bollinger Bands. After that, there was a wave of upward rebound, temporarily breaking through the middle track, but it was very regrettable that the price was beaten down again when it was about to close, so the daily line left a long upper shadow K line with a pin upward, and the market was volatile and then broke through.
This is what we can see on the daily line. Then continue to analyze from the daily Bollinger Bands. The price began to fall from the upper track of the Bollinger Bands due to resistance, and suddenly fell through the middle track. The subsequent rebound was not able to return to the top of the middle track. Then it is obvious that the price is going to go to the lower track and look for support on the lower track.
The current support of the lower track seems to be almost the same position as the previous low point, and they are all on the same horizontal line. Then this price area is about 56,000. For the time being, we should not consider going long. Let's see if the price can reach this position near 56,000 and have support, and then look for opportunities to go long!
