Bitcoin's bearish suppression still exists, bulls have no hope of attacking
The price of Bitcoin fell yesterday due to the bad news in the market. The price fell below the 8600 position that the long and short positions had been targeting before, and the lowest touched the 8400 position. It is reported that the reason for this decline is the release of the news about Shanghai Mopai’s 3 types of virtual currency-related activities, and at the same time, the “Risk Warning Regarding Unapproved Business Activities of Branches of Trading Places” issued by the Beijing Local Financial Supervision and Administration Bureau. "caused panic in the market, and concerns about the 94 incident led to a short-term drop in prices. However, the author Yu Jixin believes that the current background has undergone earth-shaking changes from that time, so this time is mainly preventive, and the probability of a large negative for the last 94 incident is not high.
Looking at the trend, the intraday price has not changed much, and the overall price has remained at a low level. The bulls' multiple upward attacks did not achieve effective results. Yesterday afternoon, the price touched the 8800 position in a short period of time. On the surface, the upward trend was fierce, but the price failed to break through the previous key 8800 position. Then this wave of upward movement must not be continued. As expected, the market price quickly fell back to around 8600, and in the evening it went down again and hit a low of 8400. Fortunately, the price rebounded after touching the 8400 position below, and returned to run above the lower track of the Bollinger Bands on the daily line, and the market for breaking down has not yet appeared. However, at present, the Bollinger Bands on the daily line maintain a downward posture, and the moving average indicators also present a downward suppression posture, and the market outlook is not optimistic.
Looking at the 4-hour chart, the current price is above the 5-day moving average, the short-term price has picked up, and the pressure from short sellers has restrained. However, the upside desire of many parties is still very weak, and it should be a high probability event that the price will maintain the current stalemate in the short term. On the hourly chart, the trend of the Bollinger Bands shows a closing posture. The current short-term upward trend of the price is suppressed by the middle track of the Bollinger Bands. The 5-day moving average shows an upward momentum, but the kinetic energy is not strong. On the whole, the range-bound pattern of bitcoin prices is expected to be difficult to break in the short term. In terms of market outlook, it is recommended to short the range at a high level. The upper part focuses on the suppression of the 8550-8600-8700 position, and the lower part focuses on the support of the 8400 position. The price can be given to the 8550 position. Consider entering the market with an empty order, stop loss at 8600, take profit at 8400, and hold the position.
After the trend of ETH followed the big pie yesterday, it went out of a wave of upward trend within the day. At present, the price continues to rise and test the position of the 10-day moving average in the 4-hour chart to suppress it. Looking at the 4-hour chart, the 5-day moving average is running upwards, and the MACD is also showing an upward posture when the 0-axis is lowered. Looking at the short-term cycle, ETH has the possibility of further upward movement, but the author Yu Jixin believes that the upward space of ETH in the market outlook will not be very large. The operation idea is still to recommend rebounding and shorting. -178 position support.
