9.20 Is Bitcoin ready to enter a rapid rise phase?
Since the interest rate cut, although the price of Bitcoin has not seen a rapid surge, the market has been rising, and it can be said that it has been rising slowly. The highest price has reached around 63,800.
Later, in the early morning of today, the price had a correction trend, and the lowest price was adjusted back to 62,600. This place is a support position of the previous high point. After the price touched here, there was a rebound trend. The current price has returned to above 63,000.
Then we look at the daily level. At present, the daily line has shown a trend of three consecutive positives, and the price has also broken through the downward trend line. Then the market will most likely come to the high point ahead, which is around 65,000 marked in the figure. I think this will be the next resistance point of Bitcoin.
If this resistance can continue to break through, then we can also see that the price can reach a higher place, that is, the higher resistance point is around 70,000.
Then combined with the Bollinger Bands, the current price has reached the upper track of the Bollinger Bands. Generally speaking, there must be strong resistance on the upper track of the Bollinger Bands. Today is Friday, and it is unlikely that there will be a big market on Saturday and Sunday. That is to say, if it can rise today, but it will continue to be resisted at the previous high, then the price will pause near this.
Once the price begins to pause near the upper resistance, the bears will see an opportunity to take advantage of it. The bears will consider entering the market. If the resistance of the bulls is not clear enough, the price may fall back.
That is to say, it is best that the price can directly break through the resistance of the previous high point today, that is, stand above 65,000. If the price can stand above 65,000 today, then there may be a market on the weekend, and it will continue to rise next week and continue to hit the 70,000 position. This is my current view.
