Bitcoin down 6600, short-term hopeless to rise sharply
market Overview
market Overview
The Shallot APP market shows that the overnight encryption market continued to fall. Bitcoin fell to as low as $6,560, temporarily reported at $6,612.80, and fell 4.17% in 24 hours; XRP once fell below $0.18 in the early morning, temporarily reported at $01,822, and the 24-hour decline extended to 12.45%; ETH approached the $120 mark, temporarily reported at $121.52, 24 hours down 8.24%. In addition, some mainstream currencies such as BCH, BSV, and BNB all fell by more than 10% in 24h. The market fluctuated greatly. The total market value of global cryptocurrencies was 176.704 billion US dollars, a decrease of 5.91% from yesterday; the 24h trading volume was 78.858 billion US dollars, an increase of 13.38% from yesterday.
Market review
Market review
market analysis
market analysis
In the four-hour trend chart, the price has returned to the Bollinger Bands range, and the downside risk is temporarily reduced. The current trend is running above MA5, but the upward trend has not continued. It is suppressed by the upper resistance at 6700, and M10 is running down to 6780. Forming resistance, the moving average is arranged in a short position, and the follow-up pressure will continue to release downward. If the current price can rise to 6700 and stabilize, then the follow-up is expected to continue to rebound.
In the hourly trend chart, after the trend stopped falling at 6560 below, it started a rebound trend. The price broke through the suppression of 6700 in the upward trend, but it did not continue, and was hindered by the middle track of the Bollinger Bands. The current trend remains in the Bollinger Bands In the middle and lower track areas, although there is currently an upward will, there is a lack of upward momentum. If it is still difficult to break through and stabilize the 6700 position in the future, the rebound may be terminated.
On the whole, the rebound trend may continue, but whether the bulls can take a step further depends on the breakthrough situation. However, the high pressure is serious, and the rebound will still encounter the upper short pressure, so the author BTCGOD22 recommends that the high position should be followed by the short .
