Achao Investment Diary BTC market trend analysis No. 3.23
BTC has been in correction for nearly 10 days, and has formed a head and shoulders top mechanism. If the head-and-shoulders top really takes shape and falls below effectively, then the position will be around 50,000, which is also the range where it traded sideways in mid-to-late February and the 61.8% retracement of Wenbonacci.
But there is no need to worry too much until the head and shoulders top actually falls below. In an overall rising environment, head and shoulders top institutions are very common, but only when it really falls below the neckline can the head and shoulders top mechanism be officially established.
Therefore, for the recent market, we only need to pay attention to whether the vicinity of 60,000 has been effectively broken.
Personally, I think the high probability of the low point is around 60,000, and during the period, it will probably pull back to around 59,000 with the pin. If there is no special time to stimulate the market, it will be difficult to really fall below.
The head and shoulders top generally represents a reversal pattern. If it is not a true market top, it will almost always gain support at the neckline and then rise. I don’t think the bull market will end in the near future. It is just a break, not a real top. Therefore, the head and shoulders top here should not be a reversal pattern, but a continuous pattern in the process of rising. It already means falling below the neck. Line is unlikely.
For BTC, pay more attention to the situation near 60,000. This is a very good buying opportunity with extremely high cost performance, small stop loss space and large take profit space. It is very likely that the low of 60775 on March 20 is the low of this correction.
Follow me and earn maximum trend profits with the least operations.
Follow me and earn maximum trend profits with the least operations.
Follow me and earn maximum trend profits with the least operations.
