On July 5, after a full decline, Bitcoin daily line closed with a hammer line, and the market stopped falling.
On July 8, the second callback did not break the new low, indicating that the support position below is very strong, and the price fell to the cost price of Bitcoin miners.
The market bottomed out and then started this round of upward trend. The current price has reached the position of 65,000 US dollars.
During the rise, the K-line entity gradually increased, and the long volume gradually increased, indicating that this wave of rise is still very healthy.
Now the price has come to the pressure range formed by the dense trading area of 65,000~71,000 US dollars. The market has a callback, and the short volume of the callback is shrinking, and on the 16th, a K-line with a long lower shadow was closed.
It shows that this wave of upward trend has not ended, and this position is oscillating for better accumulation.
In the bull market, all pressure positions are used to be broken, and in the bear market, all support positions are used to be broken. Therefore, those who like to do short-term or contract trading must pay attention at this time. Don't open short positions when you see that the pressure position cannot go up. In the bull market, it is easy to be carried away by a wave.
Support and pressure are relative. It depends on the specific stage in the bull-bear cycle. These are single technical indicators and technical forms that cannot help you analyze and judge.
It must be a mature and complete trading system. The perfect combination of mentality, technology and strategy will make the conclusions drawn by technical analysis and judgment more likely and have a higher winning rate.
