24/06/12 Potential M-head at the weekly level, reduce positions when spot prices rise, beware of a sharp drop that replicates the 519 market!
Many of my friends are spot traders. We have always been bullish on this bull market. We see at least 80,000-100,000 for swing and medium- and long-term trading. But in the past two days, I have to pour cold water on it. The pressure span between 72,000 and 73,777 has exceeded 90 days, and it has been more than 3 months since it broke through 60,000 to the current 105 days. If it stays sideways for a long time, it will change, and if it stays sideways for a long time, it will fall. Spot traders might as well wait until it breaks through 73,777 and stabilizes before considering going long. It is less risky than now.
23/03/08 Egypt’s currency collapsed and plunged 40%. Bitcoin’s previous high was rejected in one day. Beware of the risk of short-term correction?
24/03/11 BTC hit a new high of 70,000, and the weekend rebound was rejected again. Beware of the risk of short-term pullback!
24/04/08BTC halving countdown 12 days, the convergence triangle is under pressure, reduce positions and wait for the opportunity to buy at the bottom!
24/04/12BTC short-term ups and downs, the pressure is still there and it can't be broken through. Will a sharp drop be inevitable during the halving period?
24/05/01BTC monthly engulfing pattern, breaking below 57,000, is the opportunity to enter the market in the medium and long term coming?
24/05/04BTC callback has ended, and the false break is about to hit 80,000. Is this the wash effect you want?
I basically analyze the market from Monday to Friday, and I will also analyze it if there are any unusual market movements on weekends. There are definitely some mistakes in the middle, but I still remind you of several key nodes in a timely manner.
On March 14, the high point of 73777 was reached. A few days in advance, we warned of the risk of a correction. In fact, we have been reminding of the risk since the price of Bitcoin rushed above 60,000. It rebounded again to around 72797, but it was reminded that it would plummet, and the lowest price fell to 56552. After that, the spot price of 57000 reminded us to buy the bottom and see 71000-72000. The internal group reminded us to reduce positions if the rebound was no more than 70300. 24/06/07 The European Central Bank cut interest rates for the first time in 5 years. BTC was rejected at 72000 many times. Things to pay attention to in the short term! It also reminds us that the rising trend line and the middle track of BOLL cannot be broken.
Flatbread
Why turn bearish now?
First, the previous fall to 56552 just touched the MA120 rebound for the first time and recovered the bottom support of the box above 60600.
Second, the arc bottom + head and shoulders bottom pattern + daily diagonal breakthrough also conforms to the bearish bat pattern of 71000-72000.
Third, it has been rejected many times near 72,000. Now it is testing the support of the head and shoulders bottom neckline at 66,000. If it falls back to MA60 and MA120 for the second time and fails to support it, the risk is relatively high.
Fourth, the weekly M head appears, and the Panda Burning Incense pattern appears. The bullish bat pattern needs to fall to 43,000.
Fifth, if we start counting the Fibonacci retracement line from 24,900, the retracement of 0.618 is around 43,500.
The current bullish conditions require that the price not fall below the weekly MA20, which is around 63,000, and fall to the bottom of the box at 60,600 and then rebound.
support:
pressure:
ether
Ethereum broke through the rising flag and also broke through the 3678 support line, falling to 3432 at the lowest, which is also very close to the 3365-3400 mentioned yesterday. The rebound after breaking through the Fibonacci 0.382 has not been recovered yet. It is currently just half of the long positive line on May 20. If it falls below this very important support, the bulls will be very weak. The next important support is 3260-3360.
support:
Pressure: $BTC
