BTC bulls are struggling to maintain the situation, will they be able to fight back in the future?
After the bitcoin price closed a positive K with a shadow line yesterday, it went up again within the day, reaching the highest position of 7374. However, the upside of the bulls did not continue, and the price fell again. At present, the price is still testing the support of the 7000 position. In fact, judging from the recent trend, the situation that the bears occupy the dominant position has not changed. No matter how the bulls jump around, they will eventually be suppressed by the bears.
In fact, this is very normal. The formation of a major trend must be continuous. Just like the current trend, the multiple rebounds of the price are like a flash in the pan. When it hits the upper resistance, it will start to retreat. Just as the bulls rose today, the price failed to attack the 7400 first-line position quickly and then fell to the 7100 position as soon as it retreated. The short-term advantage of the bulls is also lost.
At present, from the 4-hour chart, the price has once again returned to the Bollinger Bands downward channel and fluctuated weakly, and the 5-day moving average hooked down to suppress the price. The price is constantly being suppressed, and the market outlook is expected to reach the 10-day moving average at 7020 again. The position of this mark is also a long-short dividing line within a small level, and the efforts of many parties for many consecutive days have pushed the price above this mark. If it falls below, investors' confidence in rising prices will be hit again, and the price will soon return to the 6800-6500 position. However, the author Yu Jixin believes that many parties must have gathered a lot of power at this line, so it is unlikely that the price will break through the 7000 line within a day. Then the market outlook is expected that the price will continue to fluctuate, and the range will remain between 7000-7400. In terms of operation, it is recommended to maintain the strategy of shorting at high positions in the range and supplementing long at low positions.
Ethereum also came out of the fall after being under pressure at the 150 position within the day, and the lowest position was 143.61. On the 4-hour chart, the price is currently back in the downward channel of the Bollinger Bands, and the 5-day moving average hooks down to suppress the price. Previously, the price also rebounded after hitting the 10-day moving average. In the short term, the price will still maintain a range-bound operation. In terms of operation, it is recommended to maintain the high-altitude strategy in the range, supplemented by low and high prices. At the top, focus on the suppression at the 150 position, and at the bottom, focus on the support at the 140 position.
