BTC: Bear Trend. Look At $7,500 Important Support

Yesterday, it directly fell below the $8,000 support level as low as $7,775. It quickly rebounded but it did not stabilize. the price continued to oscillate around $7,900 and then entered a downward trend of shock. After being blocked at that position, it quickly fell back to test the $7,740, where it was effectively supported and rebounded to $7,800.

Today’s opening price continues to fall (the technical form is called the continuity of the market, so there must be a new low after the day of the large short), it is also out of this pattern at the key suppression point, the market will not be unexpected It has been reversed, and a sharp rebound is difficult to unfold in this atmosphere. It is necessary to further release short positions. The trend runs downward in the upper range of the Bollinger Band . The MACD indicator in the attached chart has entered the zero axis. The trend of turning heads down is based on a short view.

In the four-hour chart: the Bollinger Band closing, the market is running in the middle and lower orbits of the Bollinger Bands . Each moving average is assembled near the middle band of the Bollinger Bands , and the currency price fluctuates below it. The existence of multiple pressures nearby makes it difficult to continue to conquer upwards, and it has a tendency to oscillate at the $7,800 line; MACD runs above the zero axis, showing a dead fork state, and it is possible to continue to increase the volume .

Today’s operation suggestions:
short 7850–7900, target 100–150 stop loss 8000.
long 7600–7650, target 100–150, stop loss 7500.

Welcome to Bexplus! Subscribe us for the latest analysis on the cryptocurrency market.
Join us:

Related Posts