Bitcoin reaches a key position again, can the bulls resist the offensive
The price of Bitcoin was suppressed by short sellers at noon yesterday, and it kept going down to try to support the 9000 position. In the evening, this position was finally lost. The shock situation that lasted for many days showed signs of breaking. If it falls below again in the future, the trend will extend further downwards, and it will be possible to test 8200-8100 downwards.
On the daily chart, after the price of Bitcoin has been negative for 3 consecutive days, the price has also fallen below the middle track of the Bollinger Bands. It is relatively easy to continue to extend downward. At present, you can still pay attention to the 8800 position, followed by the 8650 position for support. The trend of the Bollinger Bands is still showing a closing posture, and the 5-day moving average began to suppress the price downward. Bears currently have a greater advantage. Looking at the indicators in the attached picture, the MACD is dead fork, and the RSI has now turned to a sideways posture after going down. Stoch remains low and continues to increase its volume. On the whole, the intraday price trend of Bitcoin is still bearish, and the price may continue to test downward.
Looking at the 4-hour chart, the price closed a negative cross star after 3 consecutive negatives. The bulls finally organized a decent resistance at the 8800 line. Dominant situation. The trend of the Bollinger Bands maintains a downward opening posture, and each moving average indicator also maintains a downward posture to suppress prices. On the hourly chart, the price rebounded slightly after hitting the low point of 8691 after the continuous negative decline, and the decline has eased. 8800 first-line position shock operation. In terms of intraday operations, it is recommended to focus on shorting at high positions and supplementing long positions at low positions. Below, focus on the support at 8800. If you have a chance, you can follow up with long orders in small positions, stop loss at 8750, and take profit at 8890. If the price rebounds to 8890, you can enter the short position, stop loss at 9050, take profit at 8800, and continue to hold if you break the position.
ETH also followed the big pie out of a wave of decline yesterday, with the lowest position at 181.40. At present, the price has rebounded, and the downward trend has been stopped. I believe that the price will go out of a wave of upside in the short term, but it is unlikely that the market will break through the range. The possibility of continuing the shock trend within the day is still greater, but after the price fell yesterday, the shock range has also been widened, and the support has declined. In terms of intraday operations, it is still recommended to buy from high to low within the range, focus on the suppression at 187.5-186.5 at the top, and support at 182-180 at the bottom.
