7.22 Bitcoin's short-term situation is not optimistic! But this is giving us a chance to get on board!
The highest price of Bitcoin has reached around 68,500. From the daily line, Bitcoin has been three consecutive positives. The price of Bitcoin also fluctuated upward on the weekends of the previous two days, and on Monday, the price also broke through the previous high point.
From the one-hour level, Bitcoin's volatility in the early morning of today is still very large. We can clearly see that the price first fell before the breakthrough. If the market before this breakthrough is regarded as a shock range, the price first broke down this range, and then the price began to rise and break through after closing a K-line with a very long lower shadow.
And we can also notice from this shock range that after the current price breaks through this shock range, the increase is not very large, nor has it risen rapidly. From the one-hour point of view, there is a negative line after the breakthrough, giving the trend of stepping back to the top of this shock range.
If the upward trend after the breakthrough is to be continued, the price should rise immediately after the pullback. However, if the price falls back into the oscillation range shown in the figure when it is pulled back, the next market situation will not be optimistic.
Because from the trend line connected at the top, the current price is facing resistance. It is a three-push rise, which is more in line with the trend of the three-push wedge. This is a common trend, and in most cases it is a reversal pattern. Moreover, after observing each previous price breakthrough, the increase is not very large, which can better indicate that the bears are currently resisting stubbornly.
Of course, this is a short-term situation. If the short-term situation is not optimistic, it means that the price may also be pulled back, so this is our opportunity. After all, the daily level is still a very strong trend of a large positive line outsourcing, so we must not miss the opportunity to pull back in the short term.
