Bitcoin Support Analysis

Bitcoin disk analysis:

Bitcoin has experienced a rapid decline and has been consolidating around 67,000. What most people in the market are currently worried about is whether the support is effective, when will the decline stop, when will Bitcoin rebound, and will copycats follow suit in large numbers? fall.

Let’s first look at some of the current effective supports.

The first support is 65,200, a short-term support with strong support. The 67,000 support we analyzed yesterday has played a certain supporting role today. The price fell to around 67,000 many times and then rebounded. The last time it fell to 67,000 and then rebounded. Because the 1-hour and 4-hour Bollinger Bands trends have basically broken, the 67,000 support has gradually expired, and the technical support has moved downwards.

This support is provided by two large-level cycles: the middle line of the daily Bollinger Band and the upper line of the weekly Bollinger Band, and the support strength is stronger.

If Bitcoin falls below this position, the altcoins will generally follow suit slightly, and the price of Bitcoin will be at risk of continuing to fall.

The second support, 60,000, is a short-term support with good support strength. This support is obtained by calculating the golden section of the Fibonacci retracement level from the historical position of 15,476-73,777. During the rising market trend, 78.6% of the Fibonacci retracement level serves as the golden section, which has a certain level of support. , can also be regarded as a rebound point.

The third support, 57,600, is a mid-term support with high support strength. This support is supported by the upper line of the monthly Bollinger Band. At the same time, this position is also the golden section of Bitcoin’s historical trend of 15,476-69,000. This position has accumulated chips to form exchanges. The hand also has certain support capabilities.

According to the current downward trend of Bitcoin, the overall decline has been about 10%. If this correction is 20%, then it is more likely to reach around 60,000, so pay close attention to the two supports of 65,000-60,000 tonight.

As for the rebound of Bitcoin, everyone is also paying attention to the strength of support tonight. If it falls below, we must also pay attention to the rebound of the next support. Currently, there will be greater pressure near the 65,000 support. Recently, Coin's stock price fell 6% before the market opened. If American crypto traders choose to sell in the early morning, this position will be under greater pressure.

For spot traders, if the position is overweight or full, you can reduce the position appropriately after falling below the first support. If it falls below the second support and reaches the third support, you must be more vigilant. Don't panic or scare yourself before doing it again.

At the same time, if Bitcoin falls rapidly, although the counterfeit market will also follow the decline, the rebound will be stronger, and once Bitcoin stabilizes, the counterfeit companies will have opportunities on weekends. The premise is that Bitcoin falls quickly and rebounds to stabilize. If it is a volatile decline, the copycat market may become calmer over the weekend.

Contract traders need to be aware that there may be needle sticks near key supports, and be careful to adjust your stop loss or liquidation price appropriately.

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