Bitcoin price is slowly climbing, is the bearish volume over?
Today's information:
According to news on May 25, Kazakhstan is working on a new bill that mentions encryption technology, blockchain and cryptocurrency mining, and has sought approval from the lower house of parliament. According to Alan Dorjiev, a bitcoin miner in the country, the bill has been planned since 2018 and finally submitted to the Senate for consideration. In this bill, mining is a technical process, Dorjiev said. Providing services for mining is an entrepreneurial activity, and the bill also divides cryptocurrencies into "tokens backed by tokens" and "tokens without backing." As previously reported, Kazakhstan accounts for 6.17% of the global BTC hash rate.
Market review:
After the bitcoin price plummeted nearly 400 points yesterday morning and hit a low of 8649, the price once rebounded to 8880, and then the price went down again to test the low point, but it did not continue to decline. In the early morning of the day, the price went up and hit a high of 8977. As of this writing, the price of Bitcoin is around 8900 at 7:55 am.
Market analysis:
Market analysis:
Looking at the daily chart, the price of Bitcoin is currently out of the trend of 3 consecutive negatives. Yesterday’s daily line received a negative K with a lower shadow line. The price rebounded slightly within the day. In the short term, you can pay attention to the 5-day moving average and the 30-day moving average. The moving average is suppressed in the 9030-9070 area. The current trend of the Bollinger Bands shows an open downward trend. From the attached indicators, MACD continues to diverge downward.
On the whole, the price of Bitcoin is still likely to test upwards in the short term. The key suppressive position above is still in the 9000-9080 area. If it breaks through this area, there is a chance to continue to test the previous upward barrier around 9300. However, after the previous price drop, the current short-term short-term trend is still relatively strong, so before the price breaks out, it is still recommended to maintain the high-altitude strategy.
Operating strategy:
Operating strategy:
1. When the price hits 9000, enter the market with an empty order, stop loss at 9070, take profit at 8900, and then at 8850;
3. When the price touches around 8700, enter long orders, stop loss below 8650, and take profit at 8800;
The author Yu Jixin sent a message:
The author Yu Jixin sent a message:
