Analytics

BTC: The Trend Is Likely To Continue To Rise. Focus On $7,700

BTC has been shocking continuously in recent days. This afternoon, it started to rise from around $7,160 and rose to a maximum of $7,622. The current $7,500-$7,600 range is hovering. At this time, it is not suitable to enter the market. It is recommended to start to reduce the position gradually and expect a decline in the short term.

The continuously compressed Bollinger Band is finally opened. With this expansion, the trend is to break the upper rail position of the Bollinger Band and run stably above. It continues to break the upward resistance and forms the bull trend. At present, the price has refreshed the intraday high again, and the trend has dropped to around $7,560 to adjust.
The chart shows that the MACD is above the zero axis and the trend remains upward. The STOCH RSI is in the overbought area so it will decrease in the short run.

In summary, following the short-term operation of the intraday short-term high of $7,400, the trend conversion pressure formed a support level . The market surged from $7,100 to $7,630. The daily increase was $500 points. During a certain period, the upper part is concerned with the pressure of $7,630, and the $7,700 is the bottom support of the early stage.

Key Points:
Long $7,400-$7,450
target: $7,650-$7,750
stop loss $7,300.
Short: $7,630-$7,680
target $100-$200
stop loss: $7,8560.

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