Analysis on August 16
From the daily level, the price of Bitcoin hit a low of 56078 yesterday, and then the price began to rebound. From the Fibonacci retracement line, although the daily level fell below the daily level rising stage near 0.236 yesterday, the price received above 0.236 in the rising stage when it closed, and it was close to 0.382 in the rising stage. This shows that the short-term Bitcoin daily level is currently in a normal retracement stage.
As can be seen from the figure, the highest point of the daily level big positive line with 54730 as the low point is near 62745, which also confirms the short-term rebound trend. However, the market did not rebound above the high point in the next few days, but was blocked near 61858 many times. Therefore, the short-term daily level 61858 is the first pressure point of the daily level. Only when the daily level breaks through 61858 can it continue to move towards the recent high. On the contrary, as long as the daily level of Bitcoin does not fall below 54730, the daily level Bitcoin will continue to continue the bullish trend.
From the one-hour level, the price of Bitcoin started to fall from around 61800, and then rebounded to 59850, and then the market quickly fell to around 56078 and began to rebound. At present, the price of Bitcoin at the one-hour level has occupied the upper part of the hourly 5 10MA moving average, and MACD and other indicators have formed a golden cross. There is a rebound demand in the short-term market. If the market continues to rebound, the breakthrough of 59850 should be paid attention to in the next stage. If the price successfully breaks through 59850, Bitcoin will move towards 61800 in the next stage.
On the contrary, if the price of Bitcoin does not break through 59850 and forms a negative line below 59850 that breaks through the 5 10MA moving average, then the market will most likely continue to test whether the short-term support near 56606-57098 is effective. If this area is broken, Bitcoin will most likely move towards a new intraday low.