This article is only my personal opinion on the market and does not constitute investment advice. If you operate based on this, you will be responsible for your profits and losses.
Beidiao Trader: On-chain data user, trend trader.
BTC's maximum rise yesterday was around 2.64w, which just reached the lower edge of the upward channel in the past two months, and then fell back when it encountered resistance. The lowest fell back to around 2.4w.
Combined with Fibonacci retracements, patterns and moving averages, let’s talk about a few positions:
1. 2.38w, this is the 38.2% retracement of this low rebound, and is also near the 3-day 120 moving average (purple line in the picture below). The previous rebound was blocked here and fell back, breaking through in the previous two days. Therefore, if the market is strong, 2.38w should be difficult to fall below.
2. Another position is 2.3w, which is the lower edge of the upward channel and the 50% Fibonacci retracement position of this round;
3. 2.55w, the neckline position of the head and shoulders bottom. From the daily level, the price rose and fell yesterday, and the head and shoulders bottom has not yet been formed. Pay attention to the subsequent breakthrough.
The subsequent trading plan of Beipiao (what to do if the price goes up or down) is also revised and formulated around the above figures:
a) If it falls below 2.38w, the added position that broke through 2.55w yesterday will be reduced, and the position will be added again after it breaks through 2.55w again;
b) If it falls below 2.3w, all the positions bought at the previous bottom will be cleared;
Now BTC is still the leader of the entire market, and the rise and fall depends on BTC. However, judging from the exchange rate of ETH, it fell again to the exchange rate support line of nearly 9 months yesterday, and the trading volume has increased, and the exchange rate may rebound. ETH's 1665 corresponds to BTC's 23800.
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