7.8 Market analysis: BTC forms a contracting triangle and is about to change

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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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Last Friday, Bond's point of view was that many armies are facing a last stand. Only by holding 10800 and rebounding effectively above 11200 can the upward trend be maintained.

As shown in the figure above, BTC completed a 1-hour double bottom around 10800, and then basically maintained a shock consolidation above 11200. Currently, a contracting triangle pattern is formed on the 1-hour chart, and a directional choice is expected soon. The 1-hour RSI remains above 50, and the MACD indicator is also biased bullish. In the past two days, ETH has also shown signs of becoming the mainstream leader, indicating that the market's long-term sentiment still exists.

In the past few days, not only BTC, but most mainstream currencies have been in a situation of not advancing or retreating. If they continue to break and fall, the graphs of each currency will go bad. There are still a lot of wait-and-see funds, and they are all waiting for a certain signal before entering the market. Logically speaking, this wave of adjustments is basically in place, and there is a pull demand for all coins. After all, if the profit-making effect of the market is terminated here, it may be difficult to recover in the future.