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Hello everyone, I am Xiao Yihang. I will be broadcasting Tencent Video Conference live at 7 pm tonight.
Since the Federal Reserve cut interest rates in the early hours of last Thursday, coupled with a series of negative news data recently, the Bitcoin market has been declining from above 94000, reaching a low of around 85000 this week. The recent market trend has been very sluggish, and ultimately, it has been fluctuating in a box shape for the past two weeks.
The range from 94000 above to 86000 below has been fluctuating and has not yet broken through the strong pressure above. The three bottom dips and parallel support at 80500-83500-87500 are effectively supported by the three-point line trend, and there has been no breakthrough or drop above or below. The upper part needs to stand firm at 94000, while the lower part needs to effectively fall below 86000 in order to break through the triangular oscillation zone of the daily chart. At present, we are experiencing a parallel triangular oscillation, and at low levels, we can consider a low bullish trend. According to the current parallel triangle, the probability of breaking through this week has increased and will not continue to fluctuate. When making orders, it is necessary to control the risk and not carry the order. Even if you make a mistake, do not carry the order. Once the overall direction breaks through, there is a considerable upward and downward space.
Ethereum reminded everyone last week that there may be a rebound in exchange rates, and the breakthrough was made as scheduled. Last week, Ethereum surged to the level of 4450, and I also called it a short position at 4450 and gave a 10% opening reminder. However, for Ethereum below 3000, I do not recommend blindly chasing short positions anymore. Tonight at 7 o'clock, let's have a good chat about the market layout and the next market trend. Tonight at 7 o'clock, Xiao Yihang will meet you in the Tencent Meeting live broadcast room.
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Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.