$BTC 【Bitcoin’s converging triangle area continues to shake persistently; it has already moved into the terminal zone and the choppy period will soon end】
Bitcoin spot price is around 83,300. Yesterday we also notified to exit near 84,000 on the bottoming attempt. The high reached about 83,900, and that also counts as a small win—we’ve recently been continuously bottom-buying around 82,500–83,000, and the swing trades have captured several waves.
Now let’s look at the current chart 2: On the daily chart, you can see that the MACD shows a clear top bearish divergence. But that doesn’t necessarily mean it will fall; it could also continue to consolidate to repair the divergence. The support below is still quite strong.
Chart 3: After the rate hike, BTC surged from 75,000 straight up to 87,000+. It formed a double-top structure, then pulled back. After multiple tests, the pressure near the prior high around 82,800 has not been effectively broken down to this point, which proves that this area is still very strongly supported. You can also see the descending converging triangle structure currently forming. This structure is generally a breakout setup. BTC tends to oscillate back and forth around the upper and lower bands, so this week we went long a few times around the lower band for ultra-short-term trades; exiting near the upper band was the right call. And we’re also close to the terminal zone now—the range for consolidation is getting smaller, so it will soon choose a direction.
To summarize, support below BTC is still extremely strong. Even if the 82,800 range breaks down effectively, 81,000–82,000 is also very strong support. After the market maker’s intense washout before the rate hike, it only pushed up by about 12,000 points. That’s not enough to justify such a fast distribution, and the profit space isn’t that big.
So we still remain optimistic that after the adjustment, BTC will continue to break out and surge upward. As long as there is no effective breakdown below 81,000, the big trend won’t change. Still refer to the chart 4 route—boldly buy low in the pullback support zone.
$ETH $QNT
Bitcoin spot price is around 83,300. Yesterday we also notified to exit near 84,000 on the bottoming attempt. The high reached about 83,900, and that also counts as a small win—we’ve recently been continuously bottom-buying around 82,500–83,000, and the swing trades have captured several waves.
Now let’s look at the current chart 2: On the daily chart, you can see that the MACD shows a clear top bearish divergence. But that doesn’t necessarily mean it will fall; it could also continue to consolidate to repair the divergence. The support below is still quite strong.
Chart 3: After the rate hike, BTC surged from 75,000 straight up to 87,000+. It formed a double-top structure, then pulled back. After multiple tests, the pressure near the prior high around 82,800 has not been effectively broken down to this point, which proves that this area is still very strongly supported. You can also see the descending converging triangle structure currently forming. This structure is generally a breakout setup. BTC tends to oscillate back and forth around the upper and lower bands, so this week we went long a few times around the lower band for ultra-short-term trades; exiting near the upper band was the right call. And we’re also close to the terminal zone now—the range for consolidation is getting smaller, so it will soon choose a direction.
To summarize, support below BTC is still extremely strong. Even if the 82,800 range breaks down effectively, 81,000–82,000 is also very strong support. After the market maker’s intense washout before the rate hike, it only pushed up by about 12,000 points. That’s not enough to justify such a fast distribution, and the profit space isn’t that big.
So we still remain optimistic that after the adjustment, BTC will continue to break out and surge upward. As long as there is no effective breakdown below 81,000, the big trend won’t change. Still refer to the chart 4 route—boldly buy low in the pullback support zone.
$ETH $QNT
