Bitcoin bears continue to gather momentum, and the next wave of sharp decline may be coming
The price of Bitcoin closed down again yesterday. So far, the price has closed down for 4 consecutive days, and the meaning of short sellers is becoming more and more obvious. The bulls have never been able to give a strong counterattack, and the bearish sentiment in the market continues to be strong, and the downward extension of prices may become a foregone conclusion.
At the daily level, the price decline in the past few days has pushed the price to break through the support of the middle track of the Bollinger Band, and the current price has been hovering around 8800 for a long time. And from yesterday to now the price has fallen below the 8800 position many times, and the lowest has been given to the 8720 position. The author Yu Jixin believes that the possibility of bulls giving up resistance is increasing, and the price will go down again to test the support of the 30-day moving average below the daily line. At present, the trend of the Bollinger Bands is gradually flattening, and the 5-day moving average continues to increase in volume, and the trend of short selling is getting stronger and stronger. Looking at the indicators in the attached picture, the MACD continued to increase its volume after the dead cross, the RSI trended downward below the 50 level, and Stoch remained at a low level and moved downward. It is more likely that the price of Bitcoin will develop further downward within the day.
On the 4-hour chart, the price fell below the 5-day moving average again in the morning, the 5-day moving average and the 10-day moving average also turned downward to suppress the price, and the Bollinger Bands maintained a downward trend. The price has been weakly oscillating in the downward channel of the Bollinger Bands for a long time, and the possibility of the price breaking the oscillating pattern and breaking down in the day is also increasing. On the hourly chart, the lower track of the Bollinger Bands began to open slightly downwards, but the moving averages on the 5th, 10th, and 30th tended to be sideways. On the whole, the price of Bitcoin will still fluctuate in a range in the short term, but the possibility of breaking down will gradually increase. In terms of intraday operations, it is recommended to sell short at high positions, and be cautious with long orders. When the price reaches the position of 8870, you can consider entering an empty order, stop loss at 8930, take profit at 8760, and hold at 8660 if you break the position.
The trend of ETH continues to fluctuate. The price of the daily line level yesterday closed a negative cross star. The price closed such a cross star after two consecutive days of negative signs, indicating that the downward trend has stopped. The price also rebounded slightly within the day, but the upward momentum of the price is not very strong, and the author Yu Jixin believes that it will not be easy for ETH to have a very strong counterattack under the situation that the big pie is always under pressure. From a short-term point of view, the Bollinger Bands on the 4-hour chart have begun to close. At present, the price has gradually started to launch an upward offensive after standing above the 5-day moving average. You can continue to pay attention to the suppression of the upper 185.7 position in the day. If the price can stabilize this position, Then there is a chance to touch the 187-189 position in the upward magic circle again. Then in terms of intraday operations, it is still recommended to sell high and buy low within the range. If the price steps back to the 182 position, you can consider entering the market with an empty order, with a stop loss of 180. The target first looks at the 185 position, and the breakout depends on the 187 position. If the price rebounds to the 187 position, you can consider entering an empty order, stop loss above 189, and take profit at 182 position.
