Bitcoin's daily line stopped falling and rebounded, and the continuation of the daily K determines the extent of the rebound

The recent plunge in the price of bitcoin may have worried many investors. But what exactly does this drop mean when we look at Bitcoin as an investment? It’s a lot lower than it was a few weeks ago, but according to historical data on Coinbase, it’s still higher than it has been in Bitcoin’s lifetime. Almost 410 days of historical closing prices. It has been 3,978 days since Bitcoin was born on January 3, 2009, and November 5, 2019, so it sounds like a good thing that Bitcoin has only been a bad investment asset for 410 days. After all, Bitcoin has been a good investment for 3,568 of its 3,978 days. That’s almost 90% of the total number of days it’s been around! On the other hand, the 410 “loss” days — days in which Bitcoin’s price closed below its price on the day of writing — are also trending upwards. As of July of this year, Bitcoin has only been a bad investment for 60 days. Now, that number has grown nearly sevenfold.

Bitcoin: The short-term resistance of Bitcoin at 7350 was not effectively under pressure the next day, and it formed a strong continuation after a rebound at 6850. It broke through the resistance of 7350 and continued to rise. The highest rebound above touched 7670. Rebound, but still the same sentence, a rebound is not a reversal. After a round of strong declines in Bitcoin, the indicators need to be corrected, and as long as the rebound does not form a continuous breakout, everything is regarded as an adjustment. From the daily perspective, Bitcoin is still Under the suppression of the downward trend line, focus on the 7750 resistance level above the daily line in the short term. This position is also the support in the previous period. Now it has formed a transformation.

In the short-term trend, Bitcoin rebounded after dropping to 6515. The next day, it launched a second rebound relying on 6850. The daily line rose after bottoming out. The short-term four-hour price made a strong breakthrough and stabilized at 7350. This position is exactly the watershed between strength and weakness highlighted overnight. , if the short-term stabilizes, the price will inevitably continue to rebound. The overnight trend has already illustrated this point. The four-hour Bollinger Bands opened, and the K-line made a strong breakthrough approaching the upper track line. The short-term adjustment within the day is 7450. The four-hour short-term rebound potential has not been exhausted In the short term, we need to continue to pay attention to the strength of the rebound; after the hourly line rebounded the next day, it will mainly be adjusted within the day, the hourly line Bollinger Bands will shrink, and the K line will fall back to the middle rail line. At night, pay attention to the gains and losses of 7420. If you stand firm, continue to rebound. 7700. If it breaks below, the short-term price is expected to fall under pressure. In terms of operation, you can try to do more around this position first, and the upper target is 7700.

Market investment is often about cultivating the mind before making money. How can one survive in this cruel market without a good attitude? Everyone comes here with the purpose of making money, but how many people can stand out from it? Of course, no matter how good the mentality is, it needs to be supported by profits, and the two complement each other. Mentality determines success or failure, and it is choice that determines profitability.

Market investment is often about cultivating the mind before making money. How can one survive in this cruel market without a good attitude? Everyone comes here with the purpose of making money, but how many people can stand out from it? Of course, no matter how good the mentality is, it needs to be supported by profits, and the two complement each other. Mentality determines success or failure, and it is choice that determines profitability.

Note: This article was originally created by Feng Chuhao, please do not plagiarize, if reprinted, please indicate the author; the suggestion is for reference only, and the operation risk is borne by oneself