Bitcoin broke down as expected yesterday. The market fell nearly $15,000, and the trend fell below the double mark of $40K and $30K. The low level reached the $29,000 position before it rebounded. Following market restoration and consolidation, the price also ushered in more than $10,000 of upward movement, and is now back to the $40,000 line again, short-term suppression at $40,500, and followed by $42,000, long and short have entered a stalemate stage. In view of the recent rise and fall of Bitcoin, Bexplus analysts recommend that investors operate rationally and control risks.
From the daily line-level chart, the trend has been a red line for five consecutive days. Yesterday, there was even a $10,000 plunge at a break, and bearish sentiment was relatively strong. The current trend is back on the lower track of the Bollinger Bands and rebounded. Although the follow-up market has been repaired strongly, the overall trend is still downward, and the intraday price rebound has been blocked. If the follow-up market cannot break through, it is expected that prices will fall under pressure. Traders need to beware of further corrections under pressure.
On the short-term hourly chart, the Bollinger Bands are closing, and the market is moving in the middle and lower rails. The short-term long and short sides take over. The price upward is blocked by the middle rail, and the upper resistance is slowly moving down. If there is no subsequent breakthrough, then as time goes by, the short-term volatility will be broken, and the price will still be at the risk of a downward correction. In a short period of time, the market still tends to fluctuate, and the idea is to maintain high and low. The upper suppression level focuses on $40,500, and the lower support focuses on $37,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.