Market sentiment: According to the data, the number of major virtual coins in the market rose 67.36% in the 24 hours before press time, which is significantly more than the 36.24% of the number of declines, with 884 coins that rose more than 10% and 398 coins that fell more than 10%. The data shows that the short-term market sentiment is obviously optimistic, but note that the data is only a reflection of the past 24 hours of market sentiment, whether the later can continue to refer to more dimensions for comprehensive analysis .
Bitcoin stopped falling and rebounded yesterday after falling near the uptrend line, but the rebound was not strong, and now there are obvious signs of stagnation after approaching the 6-hour MA60 SMA, while the SMA is in a downward trend. From the performance of the volume, Soran yesterday in the rising trend line after the stop a longer positive, but the volume has not appeared to enlarge the phenomenon. The current pattern shows that the 6-hour MA60 SMA and the following uptrend line form a convergence pattern triangle.
Looking at the overall structure, bitcoin’s medium-term trend is still in a downward pattern, so the probability of a quick short-term strength is obviously not high. The more optimistic trend is to gradually oscillate upward in the current low area (into two and back, into three and back), the more pessimistic trend may be a small margin to go to a new low since the fall, and then break and then stand. These are in advance should have expectations, and then according to these expectations in advance to do a good job in response to the plan, the soldiers will stop the water to cover. The next short-term trend is recommended to focus on the role of the uptrend line support, probably near the price of 34800, if the price falls close to this level and a stop signal, or another good low suction opportunity, if the direct fall through, the probability of a new low again is very large. Above the resistance is mainly concerned about the 6-hour MA60 average, no clear breakthrough before, only do low-suction buying, not easily do chasing.
Resistance: 36800 – 37800 – 39000
ETH follows bitcoin and remains stronger than bitcoin in terms of strength. From a morphological point of view is also the same as bitcoin is a convergence triangle, the bottom side of the raised angle than the upper side of the lower slope is more obvious, but also a reflection of strong characteristics. Looking at the averages, today’s rally high fell at the 60-day SMA. Yesterday’s rally so far has not seen any significant volume release
The coin price has obviously been under obvious pressure at the resistance level in the short term, plus there has been no volume amplification, indicating that there is not enough money to actively do more, so the probability of breaking the triangle in the short term is low. It is expected that the short-term adjustment demand, but the space below is limited, can pay attention to the support role of the lower line of the triangle, probably near the price of 2420, if there are obvious signs of stopping the decline near the support level, it is expected to return to the rebound momentum.
Support: 2473 – 2420 – 2220
Resistance: 2655 – 2790 – 2900
DOT is also currently constructing a convergence pattern triangle with a more symmetrical slope on both sides, which indicates that the long and short forces are more in balance. The coin price has now run to the end of the triangle and is ready to face a breakout to choose a direction, so you should be more cautious in your operations. From bitcoin’s current position, because the probability of continuing a significant and sustained downward movement is low, then it is expected that DOT will hardly be sustainable even if it breaks down, so if you find that the coin price breaks down after a significant retracement, you should pay close attention to whether there is a long lower shadow line (of the 1-hour cycle), once it appears the probability will form a phase low again. In the absence of a break from the triangle before the main focus on the role of the lower border support, the approximate price near 20.9.
Support: 21.50 – 20.90 – 19.00
Resistance: 23.30 – 25.30 – 26.00
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-long-short-balance-has-not-yet-broken-the-shock-is-still-the-main-tone/
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