The price bottomed out again as expected and will test the recent downtrend line in the short term.
The cryptocurrency market is a magical market, yesterday people were shouting that a bear market is coming, maybe the next day people will see the bull market coming back, the market performance in the past two days is to give you this feeling, after bitcoin plunged 12% on Tuesday, yesterday Wednesday bitcoin jumped 14.7%, successfully reversing Tuesday’s big negative line, this situation is very similar to the market on May 23 and May 24. So in the short term bitcoin is expected to continue to rally and test the 38000-40000 area again.
Wednesday’s sudden market recovery was mainly brought about by the news that El Salvador voted by an “absolute majority” to formally pass a bill making bitcoin a legal tender in the country, which means El Salvador became the first country in the world to give digital currency legal status. Salvadoran President Nayib Bukele said the country will grant immigrants permanent residency for the release of three bitcoins (about $102,000). He also said that the Salvadoran government will launch a bitcoin wallet for its citizens, and since then, in El Salvador, prices of goods can be displayed in bitcoin, taxes can be paid in the digital currency, and bitcoin transactions will not be subject to capital gains tax.
The price bottomed out again as expected, the short-term will test the recent downward trend line, if the second half of the week can break through this trend line, will reverse the recent weakness, into the rebound phase, is expected to return to 50,000 U.S. dollars, concerned about the performance of the price today and tomorrow, because the price is close to the pressure level, coupled with yesterday’s big rise, short-term should not chase up, continue to hold the coin wait and see.
4 hours chart, MACD long continued to release, the current rebound momentum is good, pay attention to the day can continue to release, if you can stand above $ 38000, the next step will test the pressure level near $ 39000. Pressure level: 38000, support level: 35000.
The price recovered more than half of this week’s losses, but the overall pattern of short-term unchanged, continue to range sideways, short-term prices will remain 3000-2200 range operation is the main, high throw low suction. Pressure level: 2800, support level: 2200.
After two days of backpedaling, short-term prices are supported, short-term pressure above the high point of this week near $ 27, if you can break the new high, is expected to again up to $ 30 mark. Pressure level: 27.00, support level: 21.00.
Price gradually rallied, but because for the time being do not see obvious signs of multiple release, so the short-term price may still go shock market mainly. Pressure: 400, support: 320.
Short-term rebound is not strong enough, still need more time to sort out, but there is not a large down space, is expected to be dominated by shocks and sideways, waiting for the market to break the market. Pressure level: 180, support level: 140.
At present, basically recovered the lost ground this week, back to the original point, pay attention to the second half of the week whether the price can break through $ 27, so as to open a new rally space. Pressure level: 27.00, support level: 21.00.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/bitcoin-successfully-reverses-the-package-good-days-are-getting-closer/
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