BTC market interpretation: Does the release of pessimism mean a continued rebound?
No need to update the picture today, you can directly continue yesterday's picture.
66,000 was said yesterday. If 66,000 is held at Saturday morning, then the cottage will have more opportunities. Moreover, 66,000 is also a dense support area, and it is also a chip concentration area. Although it brings short-term fluctuations, it finally closed in the early morning.
At 00:00 in the morning, it fell below 66,000 in one hour, directly touching around 65,000, and then fluctuated up for 5 hours, and finally returned to 66,000 and stabilized.
I also said not to panic during the decline. The bulls who have accumulated for 2 weeks need to release pessimism. After touching 65,000, the emotions are released, and they slowly fluctuate and rise, which also indicates that the current short-term decline is just an emotional release, and there is still a stable buying power.
At present, the stabilization continues to look at the trend of the weekend early morning and Monday night. The green channel in the figure is still the main one. The orange 68,200 on the daily line is the key resistance. During this period, pay attention to the short-term 4-hour resistance of 67,000.
There is no need to worry about the decline on the weekend in the short term. There are two reasons why the weekend stabilization of 66,000 mentioned yesterday is the key:
1. The market stabilizes support, which is better than choosing before support and resistance, and after releasing the selling pressure, the chances of weekend altcoins being active increase.
2. If 66,000 is not broken on the weekend, the weekly support will be updated next week. The current weekly support is
63,500. If the price remains at 66,000, the support will move up after the weekly closing. The upward support will continue to consolidate the decentralization of 66,000 and provide more support. It will bring more buffers to the future decline in Bitcoin prices, which is a good thing.
Later we will look at the data to see whether the weekend altcoins are gradually becoming active.
