Bitcoin saw a pinch last night and the price returned above $34,000 in early trading today. It is evident that yesterday’s decline was a tentative market and not an effective process of breaking down.
Tuesday in the market without new negative news conduction, the evening plate bitcoin for no reason fell through the $30,000 mark, down to a new low of $28,800, but then quickly rebounded, there is a pin market, which is obviously induced short, this morning the price returned to $34,000 above, see yesterday’s decline is a test market, and not an effective process of breaking down, if last night because the price fell through the psychological barrier and choose to cut meat or short, obviously are the wrong choice, now only lie flat is the most normal choice!
In last night when the price broke through the $30,000 mark, the market appeared to release volume, showing that between the long and short here a large number of in and out of the conversion process, but according to last night’s price recovery, then more long into the field, indicating that there is a large amount of money in this level of the bottom, once again constitute support for the price, but also so that the market gets the opportunity to release, because this week the market has been staring at the $30,000 mark, the general belief that will The problem is only want to see the price fall through, not want the price to continue to run below, because the main force wants to take advantage of the breakdown of this barrier, a process of chip absorption, when the price falls through this barrier the market is bound to sell, but also someone will go to take over, throw the belief that are retail investors, and take over will be the main force.
With yesterday’s pin market, the price is now back inside the box again, currently concerned about the short-term pressure level of $ 34,000, if the price can stabilize above today, the price will further rebound, so as to get rid of the recent weak market, back to the oscillating market, so whether today can continue to rebound, will determine the performance of the second half of the week.
From the 4-hour chart, after a sustained negative decline, MACD finally turned from empty to more, representing a short-term rebound is expected to stop, pay attention to the day whether the volume of long, further rebound to above $ 35,000. Pressure level: 3400, support level: 31000.
The bottoming out process, the day concern whether the price can return to $ 2000 above, if can stabilize above, short-term will enter the rebound phase, is expected to return to $ 22,000. Pressure level: 2200, support level: 1800.
After yesterday’s price dip to the previous low, there was a sharp rebound, pay attention to whether the market can form a double bottom pattern, if it can form a big bottom, the price will gradually rebound in the second half of the year. Pressure level: 19.00, support level: 15.00.
In line with yesterday’s as expected, the price touched the previous low, leaving a long lower shadow, representing a certain buying demand at low levels, short-term rebound phase. Pressure level: 300, support level: 250.
Yesterday touched the $100 mark, but short-term support at this mark, so that the price has rebounded, is expected to short-term decline through the $100 mark is unlikely. Pressure level: 140, support level: 100.
Short-term stop signal, due to the recent sharp decline, into the oversold stage, there is a need for technical rebound, short-term prices are expected to rebound to between 18-20. Pressure level: 18.00, support level: 14.00.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/no-break-no-break-short-term-hope-for-a-bottom/
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