BTC is bullish in the short term, and the diamond adjustment of mainstream currencies is gaining momentum

BTC’s strong rise last night broke through the resistance of the previous high of 8500, and it is currently in a stable situation. According to the data monitoring of the market, the liquidation amount exceeded 100 million USDT, and the dealer intends to wash the market , Just like 925, it is a natural disaster, and there are countless friends who have been frustrated. Then there will definitely be many friends in the market outlook who will have a long forecast on the current market. I don’t think so. The market plummeted on September 25, at the opening of 9490 The lowest hit the 7700 line, and then the market showed a state of weak consolidation. The market has been going down the channel, and the low point below has been continuously lowered, but the support has not been broken, so this wash is a matter of time. The author in October On the 7th, there was also a long order of 7750, which was also to prevent the occurrence of this wash, but there was no wash, which made me relax my vigilance for this wash. I thought it would only appear when I attacked the 7700 again. Dishwashing, showed up early.

Bitcoin broke above the downslope marker and the RSI formed a positive divergence, which is a bullish sign. The bulls are currently attempting to push the price above the 20-day EMA. If successful, a rally to the 50-day SMA and then to the descending trendline of the symmetrical triangle is possible.

The leading cryptocurrency might hit a wall at a downtrend line, from where it could enter a minor correction. If the next low forms a higher low, it will confirm $7700 as the new floor. Therefore, aggressive traders can keep the stop loss on long positions at $7700.

My bullish view will be invalidated if the BTC/USD pair reverses direction from current levels or the 50-day EMA and breaks below the key support zone of $7,702.87 to $7,337.78. Such a move would hurt market sentiment and delay hopes of a strong recovery until the end of the year. However, the likelihood of it happening can be reduced.

Suggestions for short-term operation: empty orders around 8630, stop loss at 8780, target around 8350, mid-line layout, if the market rises to around 8800-9000, you can increase your position, the target is directly at the 7700 line, and the second target is at the 7200-7500 range; Only by breaking above 9200 to test the position of opening and falling can it be possible to return to the bullish trend. If the market stands above 9400, then the layout will fail;

Judging from the changes in market value, the market value of digital currencies other than BTC showed a slow recovery. Morphologically, the diamond-shaped price contraction phase is being completed. At this stage, if the strength of the rebound does not continue to increase, the price will enter a short-term sideways trading. Therefore, paying attention to the rhythm of the rhombus adjustment, especially the performance of the top-ranking currencies by market capitalization, can confirm the basic operation path of digital currencies in the near future.

Summarize:

After the bulls buy BTC and different strong currencies in the short term, there is indeed a need for further rebound during the sideways shock period. However, the overall price strengthening needs to be linked before there will be a higher increase. Except for BTC, the linkage of mainstream currencies will be confirmed after the bottom of the diamond is completed. Real-time guidance (author: ZB999810) At that time, the price will choose the direction of breakthrough. If the rhombus adjustment is completed and the momentum is in place, the rise will naturally reappear.