9.24 Bitcoin failed to break through again! Will the downward trend start?
Yesterday we saw that Bitcoin broke through the previous high point at the short-term level. At that time, the price once stood at 64,000, but we also mentioned yesterday that this breakthrough was still not strong enough. At a larger level, there is a key high point ahead, that is, the key resistance of 65,000 waiting for us to break through. The price needs to stand above 65,000. I think it can start a stronger upward trend. Otherwise, the breakthrough at the short-term level is still a small fight.
Moreover, after the price broke through the previous high in the short term, the price did not continue to rise and continue to break through 65,000. Instead, it began to fall back after encountering strong resistance. The current price has fallen back to 63,000.
However, we also said that the support level below this wave of breakthrough is also very critical, because once the price fails to break through, the main bears will consider starting to smash the market when they see such a situation, and then the bulls will definitely start to resist.
However, the resistance of bulls also has a psychological expectation price, which is the price of 62400 that we mentioned yesterday. The price fell back several times over the weekend and failed to break below this price, which became a key support position.
The current trend price is breaking through this position, so when the shorts smash the market and force the price to fall below this price, I think many bulls will temporarily give up resistance. The price they expect psychologically has fallen below, and they will wait for a lower price before considering buying.
So if friends want to continue to chase more, I think they should pay attention to whether the key support level below has been broken. Before this price is broken, the current trend is still a volatile market, which means there is still a chance to break upward!
