Ever since Bitcoin's previous upward breakthrough failed, it fell back to around 30,000 and has been falling continuously. The market has been very weak recently. This morning, Bitcoin once again plunged to around 29,620. I believe many friends can't stand it anymore. I really hope it will fall faster, or go up directly. In fact, the main force is repeatedly rubbing the mentality of most retail investors here.
Then let's look at the four-hour level of Bitcoin. The operating channel has formed a flat state, but the price has recovered after a sharp drop. It is currently stabilizing above the middle track and moving steadily higher. The volume has turned to long as the short positions are exhausted. After the moving averages have glued together, they are still recovering upward. Small-cycle fluctuations are just a demand. The overall short-term idea today can be centered around low-long positions!
At the same time, Bitcoin is suppressed by the 60-day moving average, and pressure is formed above 30,200. Judging from the current trend, as long as Bitcoin does not break through the suppression position of 30,200 above, this area is the focus of attention for rebound shorts.
The focus of support below is 29500. If it does not break below, we will mainly look for a rebound on dips near here in the short term today.
