Yesterday was the weekly close, Monday. Let’s take a look at the weekly trend.
We talked about the trend of Bitcoin last week. Although it rose to near the pressure level, the positive line did not increase in volume, and the market will continue to fluctuate.
Bitcoin has had a short-term correction in recent days, which has caused many people to start calling for new lows again.
The market is very interesting. When it goes up a little, some people say the bull market is coming. When it goes down a little, some people say the bear market is still there. The changes are so fast, even faster than the weather in summer. (Official account: Pepe Soha)
Trading in this way is not only tiring, but also difficult to get results. The key is to identify the trend and act accordingly.
From the weekly perspective, Bitcoin is currently in a rebound after entering a downward trend.
As we have discussed before, $25,000 will definitely not be the end point of the second bottoming out, and it will most likely continue to fall after the shock ends.
The basis is as follows:
1. Bitcoin rebounded to the neckline of the double top above but did not go up, indicating that the pressure from above is very large.
2. A cross line appeared last week, forming a pregnancy line with the previous positive line, indicating that the market is about to enter a period of volatility.
3. Within the entire shock zone, the rebound volume shrank, indicating that the strength of the rebound was very weak.
4. The appearance of stagflation signals near the pressure level will strengthen the short-selling indicators, indicating that there is not much room for further increases.
5. This pregnant line that appears near an important pressure level can be regarded as a reversal signal.
Through the above analysis, it can be seen that this wave of BTC rebound is most likely over.
But it does not mean that it will fall immediately.
It may continue to fluctuate within this large shock zone. From the overall analysis of the entire market, it can be judged that the conditions for a direct drop below US$25,000 are not yet met.
We need to continue to wait for time and opportunity.
The volatility of Bitcoin does not mean that all currencies will fluctuate, and strong altcoins will continue to rise.
The above analysis only represents personal opinions and does not represent any investment advice.
