9.3 Bitcoin suddenly rose. Is this a potential rising signal?
Just when we thought that Bitcoin was going to fall and fall to a lower level, Bitcoin suddenly rose from yesterday afternoon to evening, rising all the way, and the highest price has now reached around 59,800.
However, it is currently temporarily subject to resistance from the previous high point. The price has never been able to break through the 60,000 position. The current resistance position is just 59,800.
Then we continue to look at the market at the daily level. Yesterday's daily line closed with a big positive line, and an engulfing structure appeared. Yesterday's daily line engulfed the K line of the previous day's daily line. In this case, we can determine the temporary bottom, that is, 57,000 can be regarded as the current support position, which is a bottom position.
Then after the price rebounded, we continued to look at the Bollinger Bands. We can find that this round of market just rebounded back to the middle track of the Bollinger Bands. The current price has not broken through the middle track of the Bollinger Bands. The current middle track of the Bollinger Bands is around 60,000, which means that the resistance of the current price is just the middle track of the Bollinger Bands.
So combined, if the current market wants to continue to rise and show an upward trend, then the price must break through the middle track of the Bollinger Bands at the daily level. Only when the daily level closes on the middle track of the Bollinger Bands, I think the market is starting an upward trend.
Otherwise, the next market may encounter resistance from the middle track of the Bollinger Bands, and start a sideways oscillation market. After that, the market trend may become weaker and weaker. After a long period of oscillation, it will fall again, and it will continue to fall to the lower track of the Bollinger Bands. If it does not break through the middle track of the Bollinger Bands at the daily level, it may be a oscillating and falling market.
