Bitcoin does not fall but rises? Is this wave of diving over, or is the bull market ready to continue?
In the early hours of this morning, Bitcoin was like a runaway wild horse. The price of the currency rose all the way, reaching as high as $55,500, which was relatively violent. In the words of coin lovers, the bears completely gave up resistance and let the bulls ravage them. The reason is that Yesterday, the delivery of Bitcoin options was finally completed, and a big negative was finally digested. The price of option delivery was about 52,500 US dollars, which was generally higher than market expectations. After the negative news is digested, the suppressed emotions of the bulls will be released in a concentrated manner. In fact, this trend is also predictable. I also emphasized in my article yesterday that if the currency price can still be at 52,000-53,000 US dollars by 12 o'clock in the evening. If it goes on, there will be a wave of upward rebound in the short term, because the timing of the decline has been missed. The best time to kill the decline should be at noon yesterday. The main force chooses to let this part of the options profit, because the cost price of the option is 46,000, and the final delivery price is around 52,500 US dollars. It is not because the main force is good, but this trend is the main force. As a result, it can drop the currency price below $50,000, but as soon as the delivery period of the currency price passes, it will inevitably usher in a more violent rebound, and the bottom may be copied by others, so it finally chose not to fall , since it has not gone down, it is natural to rebound a wave upwards. This is the logic of this wave of rising currency prices.
Now that the price of the currency has rebounded and the big negative has passed, how will the price of the currency go next? Last night, other altcoins other than Bitcoin also pulled up one after another. The market is currently full of joy and laughter. Can this trend continue? Let's analyze it today,
First of all, let's define the wave of rise last night. We believe that this wave of rise is the result of the concentrated outbreak of long sentiment in the market. The price of the currency was pushed down in the early stage, and the price of the currency also fell from 58,000 to almost 50,000. It has been held down for too long, and after the release of the bad news, the bullish sentiment exploded at this moment. Therefore, this rebound is not the result of the main force taking the initiative to make the market, but a way for the main force to follow the trend with the help of market sentiment. Pull it up and see what's going on. Therefore, we still cannot think that the market has reversed at this point, and we have not seen the momentum for the currency price to reverse.
Second, the 4-hour trend of the currency price is still not strong this time, and the pressure of the 4-hour downward trend line is at $57,400. As shown in the figure below, only when the currency price breaks through this trend line strongly can it prove that the main force is very willing to go long If it is strong, the market will reverse. Therefore, from the trend point of view, it cannot be treated as strong, but there is also one point that is relatively strong. This time, the height of the pull up reached 55,500 US dollars, which is relatively strong, because after all, it broke through 54,000 US dollars. , and $54,000 is the key support point for this round of major declines. It is possible for the currency price to rebound to confirm the support after it falls below, but the strength to directly pull up to $55,000 is still strong, which shows that $54,000 is the key support point. The resistance has also been digested, and the upper pressure level is only 55,500 and 57,400 US dollars.
This is the situation that the currency price is currently facing. In the face of such a situation, how to judge the next currency price trend?
The $50,500 below Bitcoin is a strong support. The first pressure level above the currency price is at $55,500, and the second pressure level is at $57,400. Then the main force will have a relatively large room to operate. This kind of shock range is $5,000. It is completely enough for the main force to insert pins up and down, so there is no need for a strong upward breakthrough or a downward fall below 50,000 US dollars (this is the first reason); second, since there is no bad news in the market, it is just a downward pull , The main force’s killing and falling strength does not need to be so strong. In addition, last week, the overall fluctuation of the currency price will also be restrained. Therefore, the operating range of the currency price today should be about 55,800-52,800 US dollars.
The rise of Ethereum this time is a bit stronger, the mainstream coins are average, and the altcoins are stronger. Fil has been leading the rise recently, attracting more funds in the market!
