BTC market interpretation: The support of the decline is effectively adjusted, and the upper moving average line has completed the contraction. Can an effective breakthrough be achieved on Thursday and Friday?
Yesterday, the price broke through and stabilized above MA200, but it fell back in just a few hours, indicating that there is still a lot of turnover at this position.
And the decline occurred in the early morning US trading time, and the market is still greatly affected by the US stock market.
The daily upper track trend has begun to gradually stabilize and shrink. The daily upper track range is updated: 60,400-66,500
Support and resistance
Support, 63,500 daily MA7 nearby, 62,700 weekly support, are all relatively strong supports in the near future. MA120 62,200 provides a fallback buffer below. In extreme market conditions, the daily support is 60,400.
Resistance, daily MA200 63,850, is also the near point of the current price.
After the breakthrough, look at the previous high of 65,000 daily lines, and then the highest resistance level of the 66,500 daily line range.
RSI:
The index fell back to around 61, but it still remained high. However, the index fell slightly, leaving room for further breakthroughs. If it reaches 70, it will likely trigger an overbought decline.
Summary;
BTC still lacks independent rising sentiment. It currently relies on US stocks, especially the S&P. If the data and speeches on Thursday and Friday continue to release sentiments such as economic stability, it will give the S&P the impetus to climb again.
Whether BTC can break through the critical 68,000 driven by the S&P will be the main expectation for this rise.
