9.19 Silk Road 🧐

8.17 Bitcoin trend analysis: market situation under the interweaving of long and short
At the daily level of Bitcoin, yesterday's K-line closed negative again, and the price fell sharply, breaking through the important lower track support level of 59500 in one fell swoop. From a technical perspective, the daily level has already revealed a risk trend dominated by shorts. Although the price has yet to see a significant corrective pullback, bears appear to be gathering strength and preparing for the next leg of the decline.
However, the bullish power in the Bitcoin market has not given up resistance yet, and its cycle has been extended far beyond the expectations of most people in the market. It is worth being vigilant that once this sustained decline encounters a sudden violent rise, investors holding short orders may be in trouble and find it difficult to escape easily.
Switching to the 4-hour level, in the early hours of yesterday morning, the Bitcoin price fell sharply to the 56,000 line after coming under pressure at 59,800. It then stabilized near 56,000 and rose again, returning to the resistance of 59,800. At this time, the 59800 above has formed a small intraday double top resistance, and is also the Fibonacci split point, which needs to be the resistance level that needs to be focused on.
Observing the 4-hour trend, there is a certain similarity with the previous round of market trends. Today, the price of Bitcoin has a high probability of falling to 57,500, then rebounding at a small level, and then hitting a high near 59,800 before turning down again. Various signs suggest that currency prices may undergo upward adjustments in the short term. In addition, key support is roughly located in the 57500 area, and investors can consider buying when the price touches this area, while overhead resistance is at 59800.
Operation suggestions: 59800-60200 kong for big cake, 57000-57500 nuo
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