Market overview:
Following the previous report, this week’s Bitcoin CME gap position was 49405-50580, which was covered to 49500 yesterday afternoon, only 95 dollars away from being fully covered; the Nasdaq rebounded to the key level of 13000 last night, and fell again as scheduled. Although Bitcoin followed for a short time, there was no significant correction, and it was stagnant and consolidated, and it was running above the trend line, so the bullish pattern was maintained. Today's 10-year U.S. bond yield fell to the 1.6% mark, which provided expectations for Bitcoin's rise.
BTC/USDT review analysis
BTC/USDT review analysis
Following the previous report, if Bitcoin is supported above the short-term trend line, it is expected to reach the target of 54,000. As shown in the figure, since the last report, although Bitcoin has encountered resistance around 51200 three times, the stagflation has not fallen below the short-term trend line. Therefore, the gap-covering interval can be understood as the release of short-term pressure with the decline of US stocks After consolidation before the breakout, it reached the target of 54,000 mentioned in the previous report in one fell swoop, and it is currently facing resistance at this position. Follow up to observe the situation of the 54000 first-line pressure turning into support. If you stand firmly at this position and successfully convert it into support, the next target will look at the starting point of the previous heavy volume drop at 56600. Otherwise, it will constitute a false breakthrough. Observe the relay head shoulder bottom neckline below 52000 nearby.
As shown in the figure, Binance Coin is currently forming a convergent triangle and is currently on the edge of the upper track. Compared with other mainstream coins, Binance Coin has been consolidating for a long time. It was strong in the early stage but is currently not strong enough. It is expected to replace the mainstream and become the next rotation project in the short term. If Binance Coin successfully breaks through the upper track, look at the previous high around 280 from the top, otherwise observe the support strength around 215 at the lower edge of the platform below.
DOT/USDT review analysis
As shown in the figure, the structure of Polkadot and Binance Coin is similar, and they are both on the edge of the upper track of the convergence triangle. However, in the short-term trend, Polkadot is not as strong as Binance Coin. It is obviously resisted by the upper track, and there is a large space for the convergence of the triangle. , which means that the potential stop loss may be larger. In terms of strategy, maintain yesterday’s view, the convergent triangle pattern is superimposed with the weekly K-line harami structure, and there are two key defensive positions for long and short positions. A positive pyramid test size increase strategy can be adopted.
This article is for reference only and does not constitute any investment advice
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