Bitcoin is slowly crawling back up. After it was pushed down to 749,000 on the 15th, it turned bullish for two straight days. Now it’s back around 764,000, and today it even reached a high of about 771,000.
The rate-hike “shoe” has finally landed, and indeed the selling pressure has stopped. The stop-falling signals I mentioned earlier have, to a certain extent, started to show up.
But don’t rush to flip long. The strength of this rebound isn’t that great. 764,000 has just been reclaimed and hasn’t yet turned into firm support. The zone between 770,000 and 780,000 is packed with trapped longs left behind during the prior selloff. To push through it, you need volume. Today’s volume can only be considered “passing,” not enough for a breakout on high volume.
My judgment is straightforward: the structure has shifted from a downtrend to a range, which is a good thing. But it doesn’t mean you can chase longs now. If 764,000 holds, then you trade low buys and sell highs within the 764,000–780,000 range. Only if 770,000 breaks higher and closes above it on strong volume does it become time to look at 790,000, even 800,000. In the early stage of a rebound, the biggest taboo is rushing to confirm a reversal. First, trade within the range and take profits.
#比特币 #BTC #Market analysis
The rate-hike “shoe” has finally landed, and indeed the selling pressure has stopped. The stop-falling signals I mentioned earlier have, to a certain extent, started to show up.
But don’t rush to flip long. The strength of this rebound isn’t that great. 764,000 has just been reclaimed and hasn’t yet turned into firm support. The zone between 770,000 and 780,000 is packed with trapped longs left behind during the prior selloff. To push through it, you need volume. Today’s volume can only be considered “passing,” not enough for a breakout on high volume.
My judgment is straightforward: the structure has shifted from a downtrend to a range, which is a good thing. But it doesn’t mean you can chase longs now. If 764,000 holds, then you trade low buys and sell highs within the 764,000–780,000 range. Only if 770,000 breaks higher and closes above it on strong volume does it become time to look at 790,000, even 800,000. In the early stage of a rebound, the biggest taboo is rushing to confirm a reversal. First, trade within the range and take profits.
#比特币 #BTC #Market analysis