Bitcoin continues to fall! You need to know what it means to break the key position?
Bitcoin continued to fall in the early morning, breaking the key support position, and the lowest point fell to around 62,000. The current price is backtesting this key support call point. If it fails to return to this point, then the price of Bitcoin today may continue to fall.
At the one-hour level, the MACD fast and slow lines are currently below the zero axis. Now there is a trend of forming a golden cross. If the price rebounds in a few days and the fast and slow lines form a golden cross trend, then the price may temporarily stop falling.
Then from the daily level, yesterday's daily line continued to close below the middle track of the Bollinger band. The daily K-line has closed below the middle track of the Bollinger band for two consecutive days. Now from the daily level, the situation is not very good. According to the trend of the past two days, the price is likely to fall below the middle track of the daily Bollinger band, and the price will continue to fall to the lower track of the Bollinger band.
Combined with the previous market conditions, such a situation is very likely to happen. As shown in the figure, the previous wave of decline was a rebound to the daily Bollinger band middle track and then encountered resistance and began to fall. This time, the current price has also fallen below the Bollinger band middle track, so such a decline is very likely to continue to reappear after the price falls below the Bollinger band middle track.
For another decline, we have to see whether the current Bollinger band lower track can support it. If it can support it, then there is still hope for the market to rise, but if this decline is too strong and directly falls below the Bollinger band lower track position again, then I think a stronger decline will start, and the market will directly enter the monkey market or the bear market.
Therefore, it is best that today's price can rebound after breaking the short-term support position, making a false break below, and the price returns to the upper side of the daily Bollinger band to the middle track again, so that the upward trend is still there, and the rise may start at any time!
Important news in the cryptocurrency circle within 24 hours:
1. Grayscale withdraws 19b-4 application for Ethereum futures ETF;
2. CBOE proposes to modify Franklin Bitcoin ETF rules;
3. Vitalik Buterin proposes an alternative to EIP-3074;
4. US congressman: New regulations will be introduced to combat mixers as money laundering tools;
5. BlackRock and Fidelity's spot Bitcoin ETFs currently hold a total of $27 billion in BTC;
6. Philippine SEC: Plans to launch a regulatory framework for crypto assets and their transactions in the second half of the year;
7. Susquehanna International holds more than $1.2 billion worth of spot Bitcoin ETFs;
8. Bloomberg ETF analyst: Grayscale spot Bitcoin ETF's capital inflows may be the result of short-term trading;
9. Monolith Management, owned by former Sequoia executives, has bought more than $24 million of BlackRock's spot Bitcoin ETF.
