Bitcoin continues to test downwards, are the bulls going to be unable to hold it?
During the day, the trend of Bitcoin remained oscillating between 8900-8800, the overall trend was weak, and there was no continuity in whether the price went up or down. The current price is back to run around 8800 again. Many trials within the day failed to break through this position support. Can the bears break through in one go and break the intraday shock pattern? The author Yu Jixin believes that there is such an opportunity in the evening market outlook, and the multiple attempts of the bulls have shown that they are powerless. Then it is entirely possible for the short sellers to seize the opportunity to suppress in the early hours of the morning, and investors who have been in the currency circle for a period of time should also know that the early hours of the morning are the easiest time to do things in the digital currency market .
Looking at the current 4-hour chart, the price is currently below the support of the 5-day moving average, the opening of the Bollinger Bands has not changed, and the 10-day moving average has also maintained a downward trend. The price is currently hovering around 8800, and it is very possible for the bears to break down as long as they put a little pressure on the price. Looking at the indicators in the attached picture, MACD keeps dropping below the 0 axis, RSI and Stoch run at low levels, and the trend is also gradually showing a downward trend. On the hourly chart, the price has repeatedly tested the position of the lower track of the Bollinger Bands. Although it has not broken the lower support, the price is still weakly fluctuating between the middle and lower tracks of the Bollinger Bands, and has not rebounded decently. The 5-day moving average, 10-day moving average, 30-day moving average and the middle track of the Bollinger Band all show a downward trend, and they converge at the 8830 line to suppress prices. On the whole, it is more likely that the price of Bitcoin will continue to develop downward in the market outlook. In terms of market outlook, it is recommended to short-sell at high positions. At the top, focus on the suppression of the 8830-8890 position. .
ETH fell back in the evening, and the current price is running around the 183 position. Looking at the 4-hour chart, the trend of the Bollinger Bands tends to be downward. The author also mentioned in the article in Jixin Daily that it is not easy for the second-tier mainstream coins to go out of a larger upward trend when the price of the big pie is always under pressure. The price of Ethereum also went down immediately after hitting the upper 185.75 position within the day. At present, the big pie is constantly testing the lower support. If the big pie does not hold this wave and opens up a downward space, then it is very possible for Ethereum to follow the falling market. Therefore, in the evening market outlook, it is recommended to short at high positions, focus on the suppression at 185.5-184.5 at the top, and support at 181-180 at the bottom.
