Review of the BTC market trend during the eleventh period
During the 11th period, the currency circle was quite calm. Except that Libra continued to be scrutinized by relevant European countries, there was not much news. for us,No news is the best news, which means that the market will not fluctuate too much, a rare holiday, you don’t have to pay too much attention to the board when you go out to play.
From the perspective of the board only,During the eleventh period, the trend of the market is to rise first and then fall, and the overall trend is negative, From a high of $8,500, it fell to around $7,800 at present. Since the Great Falls on September 25, this is the fourth time it has touched a low of 7700-7800 US dollars. Whether this point can successfully stop the decline and stabilize will determine the development of the next market.
Judging from the relationship between volume and price, the trading volume has also shrunk these days, reflecting the shrinking of market transactions. There are not many people trading. This is a normal phenomenon during holidays.In the absence of transactions, the market fell slightly, and the situation is still within the controllable range. Therefore, if the decline can be stopped at around 7,700 US dollars, with the gradual activation of transactions after the festival, there is a high probability that the market will start a rebound trend.
From the perspective of a larger level of cycle, the monthly line has 4 consecutive negatives, showing that both volume and price have fallen, but the negative line entity is getting shorter and shorter, and the trading volume is gradually shrinking. This is a way to gradually stop the decline. If it can stay above $6,700 (1/2 position of the big positive line entity), the market still has a chance to stop falling and stabilize, soThe disk should not be overly bearish, I think it will fall to 6,000, 5,000 US dollars or even lower,If you blindly guess the bottom and want to take the order at the lowest point, you may miss the real opportunity。
Weekly level, it has been negative in the past week, and the MACD line has gradually expanded since the dead cross prompted at the end of August, which meansdid not stabilize. At present, it has come to the bottom of the rising range since June, and the bottom support of 7,500-7,700 dollars has become particularly important. Next, focus on the support of this range. If you encounter an extremely heavy-duty market, pay attention to the support of the weekly MA60 (6,700 US dollars) and MA90 (7,160 US dollars). If the support is not broken, there is a chance for the market to rebound.
Compared with BTC, the trend of mainstream currencies is relatively better. The overall trend of range-bound consolidation is maintained, and the market is relatively stable. The hourly MACD shows a golden cross trend and a short-term weak rebound. XRP performed well. Today, the hourly level rose in volume and reached the position before the plunge. However, it is not recommended to enter the market to catch up. It is suitable for operation only after the long-term support of 0.29 US dollars has been firmly established.The unilateral rise of XRP has not changed the overall trend of the BTC market and mainstream currencies. Instead, it faces the risk of rising and falling, so it is necessary to operate cautiously。
