Bitcoin shorts continue to be consumed, and the situation may ease
The daily line of Bitcoin price was negative again yesterday, and the bears always had the advantage. The price continued to test the support at 8600-8550 yesterday. Although it has not been able to break through downwards, yesterday’s downward trend has indeed suppressed many bulls. Confidence, bearish sentiment in the market continues to heat up. In fact, investors' concerns about another price drop yesterday are not unreasonable, and the support position of 8600-8550 is currently a more critical position. Once the market breaks through, there may be another sharp drop. As the currency price continues to drop, the entire market sentiment begins to shake, the forces of many parties continue to weaken, and the one-sided trend of the market appears again; this will not only affect the temporary decline in the currency price, but also It has caused great obstacles to the recovery of the long-term upward trend.
Fortunately, the price has not been able to continue to break down. The current price remains above 8600, and there is a possibility of another short-term upward attack. However, there are many resistances above, and it is difficult for the bulls to turn the possibility into reality. On the daily chart, the current price is under pressure at the confluence of the 5-day moving average, 60-day moving average, and 30-day moving average, and the trend of the Bollinger Bands shows a downward opening posture. Looking at the indicators in the attached picture, the MACD is running flat around the 0 axis, the RSI is trading sideways around the 50 level, and Stoch remains below the 20 level, showing a golden fork upward trend. The price of Bitcoin is still in a volatile pattern within the day, and the suppression of short positions is still in a dominant position.
Looking at the 4-hour chart, yesterday’s continuous downward trend broke the bottom track of the Bollinger Bands and touched the 8600 position, and then rebounded. At present, the price is on the 5-day moving average again, and the Bollinger Bands are starting to close upwards. If the position of the daily moving average is used as a basis, it will be possible to develop upwards and reach the position of the 10-day moving average and the middle track of the Bollinger Band. On the hourly chart, the trend of the Bollinger Bands is currently showing a closing posture, and the price has successfully stood on the middle track of the Bollinger Bands in the previous small rebound. The market outlook can continue to pay attention to the suppression of the upper 8700-8720 position. On the whole, the intraday trend of Bitcoin price is likely to remain oscillating. In terms of operation, it is recommended to maintain the high altitude in the range as the main, and the low and high as the supplement. Specific operational suggestions: the price amount is given to the upper 8720 position, and you can consider entering the market short Order, stop loss 8770, take profit position first look at the 8620-8550 line position. When the price reaches 8600, you can consider entering long orders, stop loss at 8540, and take profit at 8680 first.
The price of ETH followed the big pie down yesterday and touched the mid-rail position of the Bollinger Bands within the day, and then went up in the morning. On the 4-hour chart, the price rebounded after hitting the lower track of the Bollinger Bands. At present, the price has once again stood on the 5-day moving average. However, the current 185.5-187 first-line position can be said to be the hardest hit area of upper resistance, and it is very difficult for the price to continue to support upward. Looking at the attached indicators, MACD is currently running near the 0-axis, and RSI and Stoch are currently showing an upward trend. On the whole, the intraday trend of Bitcoin is expected to remain in a volatile pattern. In terms of operation, it is recommended to maintain the range of selling high and buying low. The upper part focuses on the suppression of the first-line position of 185.5-187, and the lower part focuses on the support of the 183.5-180 position.
