Bitcoin Correction and Resistance Analysis

After setting a new historical high, Bitcoin experienced a correction of about 18%. The depth of the correction was not deep relative to the magnitude. After several shocks and rebounds, Bitcoin finally stabilized on the daily line early last night. The middle resistance level of the Bollinger Bands, and it took advantage of the trend to stand directly at 70,000 and stand firm.

The short-term resistance to Bitcoin's daily breakthrough is the pressure from the 1-hour and 4-hour Bollinger Bands. After all, the Bollinger Bands are a range that fluctuates up and down to a certain extent starting from the midline. It also proves that the price will rise in the process. In the short term, it exceeded market expectations and entered a pressure range.

Bitcoin currently breaks through the short-term resistance level near 71,800. This is an effective resistance level. Because Bitcoin fell below the weekly line last week, the former weekly support turned into a resistance level. Therefore, the current weekly resistance may be the biggest resistance to short-term rises. .

Of course, the remaining biggest resistance above lies near the historical highs. On the one hand, it is the historical highs, and on the other hand, it is the pressure brought by the upper line of the daily Bollinger Bands. It will depend on the breakthrough situation. Short-term resistance level, if the ETF market becomes net inflow tonight, it will be successfully broken through.

Of course, many people are still worried about short-term price fluctuations. Once the market pulls back, where will the support level be? Handover: rgbn996

The first support is 70,000, short-term support, and the support situation is average.

Second support, 69,000, short-term support, slightly stronger support

The third support, 68,000, is short-term support and has strong support.

At present, Bitcoin has entered a rebound and rising range, and the short-term price has returned to the safe range of the daily Bollinger Bands. Therefore, when looking at the retracement, we only need to focus on the core 68,000 support. This position is not broken. If there is a large decline in the short term, Don’t panic either.

The 4-hour Bollinger Bands have experienced a rise, resulting in an amplitude expansion. If there is emotional guidance, the market may have a greater risk of volatility in the short term. Of course, as the Bollinger Bands continue to shrink, the volatility risk will gradually decrease.

At the same time, it should be noted that the 1-hour Bollinger Band has reached the contraction and breakthrough stage as it consolidates, and a small breakthrough at the 1-hour level may occur in the next few hours. According to the current market sentiment, the probability of an upward breakthrough will be greater.

I hope this breakthrough can successfully break through the resistance level from the weekly line.

The RSI relative strength index has reached around 68. Once it exceeds 70, it will enter an oversold stage in the short term, and the market's bullish sentiment will weaken relatively.

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