Bitcoin was reorganized and tested to $8,500 early morning. It can be seen that the relatively strong support of the bear side is still slightly weaker, and eventually it successfully broke through the position, ushering in a short-term rebound. Then the price fluctuates at $8,800-$8,500 eare to prepare the energy for the later offensive.
Both short-term and long-term trends are mainly oscillating. Judging from the current trajectory of the K-line of the current chart, they are basically consistent; if traders can keep up with the analysis and operation in time, they should get good returns.
On the day chart, the market keeps running in the middle and upper orbit of the Bollinger Bands , and continues to fluctuate above its MA5 . It can be seen that the bullish mood is still in heat preservation. Although it cannot continue to launch the offensive, it once again hits a new high. It is still difficult to keep the price of the currency fluctuating above it, without letting it fall quickly; at this time, all the moving averages are rising, but the indicators in the figure have shown signs of downward volume .
In the four-hour level chart, the Bollinger Bands closed, the MA5 and MA10 adhered smoothly, and the market oscillated in the vicinity, constantly looking for appropriate points of focus; constantly trying to stabilize the running above the five-day moving average. At the same time, the price of the coin is unintentionally looking for a strong support position below it. From the technical indicators, MACD is running above the zero axis, showing a dead fork state. Both RSI and Stoch are maintaining a downward volume attitude. So comprehensively, the short-term market is dominated by downward testing.
The Trading recommends:
Long: $8,500, Target: $8,700, the stop loss: $8,450
Short: $8,750, Target: $8,550, the stop loss: $8,800
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