Bitcoin's Steady Decline and Potential Rebound

At present, Bitcoin has fallen by 5,500 points in a single day, and it has been a steady decline. From the Asian trading time to the European trading time, it has continued to fall. It has now touched the third support we mentioned yesterday and has begun to rebound slightly. For details, you can check yesterday's market analysis. The third support is 62,300, which can be used as a buffer position for short-term decline, but the support effect is poor. If the mood continues to deteriorate tonight, the support situation will not be too optimistic. After all, after 24 hours, the technical support level has temporarily changed.

The current 1-hour trend and 4-hour trend are basically in a state of falling and breaking, and the price is already at the lower track of the daily Bollinger Band. If the Bitcoin price cannot rebound in the short term and reach the mid-line position of 67,000, then there is a risk of continuing to break 60,000. .

At present, the 67,000 position has rebounded and broken through to stand firm, so the trend at the 4-hour and daily levels has basically returned to a safe position. So this position is critical for the current trend.

As today's decline caused the price to fall directly to the third support we set last night, then we will take a look at the current downward support situation based on the current price situation.

The first support is 62.600, short-term support, and the support is weak.

The second support is the 60,000-61,000 range, which is short-term support and has strong support.

Third support, 56,300, mid-term support, strong support

The current amplitude of Bitcoin's Bollinger Bands is 60,000-74,000. If it does not fall below 60,000, Bitcoin can basically fluctuate through the daily Bollinger Bands, which is a normal callback stage, and then effectively bottom out and rebound. Recently, qun Jiawei 362014583, however, once it effectively falls below 56,300, the market decline will no longer be a short-term range-bound correction, but a larger correction, or even a short-term trend change. If the market reaches this position and rebounds back above 60,000, it can still be regarded as a short-term correction and the overall trend will not change.

After a day of decline, there are still two key supports below Bitcoin to help stabilize the price, but some people must say that this single-day drop of 5,500 points is not a plunge?

In fact, it really doesn’t count. As I said before, as institutions, retail investors, etc. continue to buy Bitcoin, the market circulation of Bitcoin decreases, the liquidity becomes worse, and the depth of transactions decreases, which will cause short-term Bitcoin price fluctuations. larger.It used to take weeks to get out of a daily shock, but now it can be done in a few days, and the short-term panic effect on the market will be more obvious. Therefore, the copycats collectively fell and sold.

热点：Bitcoin REBOUND