In the current market, many voices are eager to buy the bottom, so we need to calmly examine the logic and trend behind the market.
Recently, Bitcoin has failed to hit the 65,000 mark twice and turned to break down. This turning point has undoubtedly sounded the alarm for us. In this situation, several key support levels have become the focus of market attention.
First of all, from the one-hour chart, the small-level structure has broken. Not only did it fail to effectively break through the upper edge of the triangle, but it also lost the lower edge, indicating that the adjustment pressure in the short term cannot be ignored. At this moment, our attention should be focused on the 62,800-62,900 range, which is not only an important long-term defense line of the "rising channel" from 57,000 to 65,000, but also a touchstone for market sentiment and capital trends.
If this defense line is in danger, we need to extend our sights to a deeper support-61,500, which is the key support of the wider rising channel from 48,000 to 65,000. Once this position is lost, the market's rebound may be turbulent, and the possibility of returning to the "5-digit" area will increase greatly, and the previous low of 54,000 may become the next important psychological and technical dual support point. If effective support can be obtained here at that time, it may trigger a more considerable rebound, but it should be noted that the road to rebound is never smooth, and there will still be no shortage of wash-ups and shocks in the future, and the fluctuation range will also expand accordingly.
It will not be calm because of our wishes. Every rise is accompanied by an unknown "needle in the sky and the earth". This is the inevitable result of the dealer's game and the embodiment of the vitality of the market. Therefore, in the currency circle, we need to maintain awe, not be disturbed by the noise of the outside world, and stick to our own strategies and disciplines, so that we can move forward steadily in the turbulent waves.
