This time around, we started telling everyone to scale in at 62K, and then to gradually reduce their positions as the price climbed to 86K. It’s actually been a long time since I’ve discussed specific market conditions with you. Today, I’d like to talk about how we should view the market right now.
Let me start with the conclusion: this pullback isn’t over, but it won’t be very deep. Most likely, the market will move around the 75K level.
Let’s look at the weekly chart first. Whenever the MACD’s fast and slow lines cross above the zero line on the weekly timeframe, a major rally is about to begin. Right now, the slow line is hovering near the zero line, which fits with the current pullback. The weekly EMA30 is around 7600, which is right where the pullback could reach.
On the daily chart, the MACD is gradually approaching the zero line. Even if it breaks below the zero line here, I personally don’t think it’s a problem; it will recover. Also, the daily EMAs are about to form a death cross. Unless the price can hold above 83K, there’s room for it to move lower.
On the four-hour chart, the price is still under pressure from the moving averages, so watch out for the risk of a downward wick from here.
So, to sum up the four timeframes above, the pullback hasn’t fully played out yet. If you’re looking to build a spot position, watch these support levels: 76500–75000–72300.
#比特币回升至8.2万美元 $BTC
Let me start with the conclusion: this pullback isn’t over, but it won’t be very deep. Most likely, the market will move around the 75K level.
Let’s look at the weekly chart first. Whenever the MACD’s fast and slow lines cross above the zero line on the weekly timeframe, a major rally is about to begin. Right now, the slow line is hovering near the zero line, which fits with the current pullback. The weekly EMA30 is around 7600, which is right where the pullback could reach.
On the daily chart, the MACD is gradually approaching the zero line. Even if it breaks below the zero line here, I personally don’t think it’s a problem; it will recover. Also, the daily EMAs are about to form a death cross. Unless the price can hold above 83K, there’s room for it to move lower.
On the four-hour chart, the price is still under pressure from the moving averages, so watch out for the risk of a downward wick from here.
So, to sum up the four timeframes above, the pullback hasn’t fully played out yet. If you’re looking to build a spot position, watch these support levels: 76500–75000–72300.
#比特币回升至8.2万美元 $BTC