7.5 Market analysis | BTC continues to fall, many armies are facing a last stand

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CSI100 index

Note: CSI100 is the "Shanghai Composite Index" in the CSI index series. The sample consists of the top 100 tokens in terms of size and liquidity, with a market capitalization coverage of 96%, reflecting the overall trend of the token market.

BTC

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Yesterday, Bond's point of view was: observe the strength of the support, you need to stand firm at 11500 to continue to go up. The upward trend line is supported above 11400, and positions need to be reduced if the position is broken.

After BTC fluctuated above 11500 for a period of time, it was unable to attack upwards, and finally chose to adjust downward. The key point is the short-term critical point of long and short. Once it falls, from the perspective of operating discipline, it is necessary to strictly stop profit and stop loss.

At present, BTC has continuously fallen below the 23.6% and 38.2% Fibonacci retracement lines, and is testing the 50% Fibonacci retracement line (10860). The bottom line of bulls' defense is the 61.8% Fibonacci retracement line (10600). If the rebound is weak, the trend will go bad, and it will bottom out at 10000 again. In the short term, you need to pay attention to avoiding risks.

As shown in the figure above, the trend line support that was just recovered yesterday was broken again. If an effective rebound cannot be triggered in the 10800 support area and recovered above 11200, BTC will further fall into a bearish pattern, triggering a new round of selling.

Trend strategy: