The price of Bitcoin reversed and broke up yesterday, with a daily increase of more than 5,000 points, breaking through the dual suppression of $36,000 and $38,000, and bullish sentiment began to pick up. Today, the trend is moving upward again, and the price is testing the 40,000 mark as expected. The current price is hovering around $38,000. If it can break through $40,000 in the future, it is expected that the intraday increase will continue.
At present, the price is above the five-day moving average, and the short-term break is slightly pulled up, but it has not further broken through the 40,000 mark, and the upper space has not been further opened. When the price is about to touch $40,000, there will be more than a thousand points of callback. It can be seen that there is still strong selling pressure. If it is $40,000 again in the future, there is still the risk of a callback. Therefore, investors are not recommended to blindly sell down before it breaks through. Beware of the pressure on the market to pull back the support position again.
On the short-term hourly chart, the Bollinger Band is closing, and the market is moving in the upper-middle track area. The moving averages are in an upside-down posture. The price is under pressure on the $40,000 line. The short-term trend has begun to be blocked and callback. The trend has entered a callback rhythm. There is a fit posture, and the market is in a volatile downward posture. It is expected that the price will continue to test downward. The follow-up will focus on the support level of $36,000. If the callback does not fall below this position, the market will enter a high level of consolidation.
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.