BTC closed bullishly on the weekly chart and engulfed the positive column. At the same time, it broke through all the closing prices of the past three weeks. The bulls are temporarily stronger than the bears. The oscillation box is taken along the perimeter, and the central axis of the box is near 28000, which will become the greatest resistance. If a test of the pivot up is rejected, bears will step in with force. At present, I subjectively believe that the probability of breaking through the central axis is relatively small. At that time, it will depend on whether there is any super good news in the market.
Structural analysis:
In the 4-hour chart, the demand area rebounded sharply after crossing the bottom of the daily line. It fluctuated at a high level near the pressure line of the previous box adjustment. In this case, it was easy to break through the pressure line of 26800. During the high adjustment period, the breakthrough failed twice but the price could not fall smoothly. Typical It is tempting to short, so the price is easy to break the pressure line. Once it breaks through, it is easy for the market to rise sharply and accelerate. Because there was a vacuum zone when it fell below in the early stage, it is best to wait for the 27200-28000 area for short positions. However, if the bulls cannot effectively break through 26800 with all their strength (trading volume), then It shows that the bulls are exhausted. Once it falls below the support of the current sideways area, the price will easily fall rapidly. There is a vacuum area for rapid rise below, and the decline will at least return to the sub-white area.
When trading high and sideways, every time a breakthrough fails, there will be a lot of short selling sentiment in the market, indicating that most of the market is bearish here, and it will be difficult for the price to fall smoothly. When the price breaks through the sideways zone and most people start to be bullish and long, once the price shows some short selling signals, it is easy for the price to really fall. The price of the 4-hour three-channel has effectively stood above the channel. At present, bulls still have the advantage. Whether the 4-hour channel can smoothly disperse the bulls and maintain a good bullish pattern will be determined step by step in the future. In short, the current position is not a good short position. $BTC #BTC
Structural analysis:
In the 4-hour chart, the demand area rebounded sharply after crossing the bottom of the daily line. It fluctuated at a high level near the pressure line of the previous box adjustment. In this case, it was easy to break through the pressure line of 26800. During the high adjustment period, the breakthrough failed twice but the price could not fall smoothly. Typical It is tempting to short, so the price is easy to break the pressure line. Once it breaks through, it is easy for the market to rise sharply and accelerate. Because there was a vacuum zone when it fell below in the early stage, it is best to wait for the 27200-28000 area for short positions. However, if the bulls cannot effectively break through 26800 with all their strength (trading volume), then It shows that the bulls are exhausted. Once it falls below the support of the current sideways area, the price will easily fall rapidly. There is a vacuum area for rapid rise below, and the decline will at least return to the sub-white area.
When trading high and sideways, every time a breakthrough fails, there will be a lot of short selling sentiment in the market, indicating that most of the market is bearish here, and it will be difficult for the price to fall smoothly. When the price breaks through the sideways zone and most people start to be bullish and long, once the price shows some short selling signals, it is easy for the price to really fall. The price of the 4-hour three-channel has effectively stood above the channel. At present, bulls still have the advantage. Whether the 4-hour channel can smoothly disperse the bulls and maintain a good bullish pattern will be determined step by step in the future. In short, the current position is not a good short position. $BTC #BTC
