Bitcoin market situation:
In the Bitcoin market dominated by market sentiment, we can't use technology to analyze too much. Theoretically, if it stands above 62,400, even if it falls back, the price is still in the price safety range. However, if the current price falls back to 62,400, it will cause many people's pessimistic bearish sentiment in the short term. This is the market dominated by emotions.
At present, it continues to be bullish. The upper monthly resistance level is imminent. The monthly resistance level of 68,000 has been mentioned several times this week, and the breakthrough of this monthly resistance level is very critical because it will directly represent the breakthrough of the monthly bullish sentiment.
Falling down, in the short term, look at around 65,000, the daily EMA50, and continue to fall back to the key position of the mid-line 62,400. If the decline cannot fall below this position and rebounds, it can be regarded as the oscillation of the upper track of the daily Bollinger Band. If it falls below, the price will enter the lower track again, which is not conducive to bulls.
As for the support below, it is currently far away, so I won't mention it for now. There is one in the figure. It is worth mentioning that the weekly support has moved up after this period of time. That is to say, while maintaining the oscillation above 60,000, although it cannot guarantee that the price of Bitcoin will always rise in the long position, the upward movement of the lower support will also more effectively defend the space for price decline.
After RSI touched 70 today, it did not fall back to the oversold range. Although the price rose and broke through, the bullish sentiment did not break out completely, so we are currently paying close attention to the support situation after the short-term decline to make a conclusion.
Everyone is saying that Bitcoin is rising, and the cottage is falling or not moving. The fundamental reason is that the market also needs to confirm whether this rise is the beginning of a bullish trend or an explosive rebound under the short-term emotional squeeze. If it is the latter, then the bullish sentiment will be released and the follow-up will be weak and it will fall back, and the cottage needs to wait for the verification results before daring to come out to trade.
Later, we will pay attention to the changes in market data and funds and see what the data tells us.