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Last week, it was mentioned that BTC surged to around 130000, almost reaching the target. Currently, the weekly line is starting to close and fall back. What do we think: Bitcoin's weekly line "double needle probing the top" is a potential top signal, which needs to be judged based on market analysis:
In terms of form, it refers to two adjacent or similar candlesticks in a weekly chart with long upper shadows, and their highest prices are close. The long upper shadow indicates that the bullish push was strongly suppressed by the bearish side and failed to maintain a high position, indicating heavy selling pressure above.
Hint on the trend: Short term or under pressure, strong resistance at the current high level, weakened multi-party forces, increased bearish sentiment, and possible price correction; If it occurs in the later stage of sustained rise and the trading volume increases, it may be a trend reversal warning, and one should be alert to the possibility of a rise turning into a fall or a fluctuating downward trend.
It should be noted that this pattern cannot be relied solely on for judgment. It should be analyzed in conjunction with overall trends, trading volume, MACD, BOLL and other indicators. The cryptocurrency market is highly volatile, and this pattern may also be a high-level oscillation. We need to be wary of the main force's tendency to buy short or long, and operate cautiously.
Technical analysis:
——BTC's weekly closing line is bullish, continuing to break through the previous high and reach around 130000. 120000 did not stabilize and closed, but fell back. The daily line is bearish but bullish, and the four hour mid track has fallen below. If the mid track no longer rises, it will be easy to fall back from 110000 to 100000.
——ETH's weekly closing line is bullish and bearish. Last week, it was predicted that it would reach a high before 4800, but fell back to around 4460 near 4799. Currently, there is a demand for a pullback in both the daily and four hour lines, and after 4500 is breached, it will reach 4000.
So, how do we proceed next?
Teacher Zhao Yun, who has 9 years of practical trading experience in the cryptocurrency industry, will provide a detailed breakdown for everyone. Welcome to the live broadcast room to check in!
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Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent the position or viewpoint of AiCoin and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AiCoin, and the consequences shall be borne by oneself.
