The current trend of Bitcoin shows a downward trend after the long-short conversion.
Greater callback pressure. Combining the impact of technical analysis and news, September
The trend of Bitcoin on the 16th can be summarized as follows:
1. Large cycle trend
Bitcoin exited the negative line for two consecutive days over the weekend, with trading volume shrinking.
Showing weakness in upward momentum. At this stage, market sentiment is becoming cautious, especially
Especially before the important meeting on September 18, there is uncertainty in the market
nature, it is expected to continue to wait and see in the short term to avoid the risks caused by large fluctuations.
risk.
2. Medium-term trend $BTC
After Bitcoin traded sideways for a long time at highs, the price failed to hit another level
At new highs, short momentum gradually increased, eventually leading to a downward breakthrough. current price
The price is running around US$59,100. The market showed a correction in the morning and failed to break out.
Breaking the 60,000 mark. Although there was a short-term rebound, it was not strong enough. Technically
Look, after the price tried to break through the 60,000 mark many times without success, the trend gradually changed.
Weak, it is more likely to continue falling in the short term.
3. Short-term trend $BTC
After completing the trend conversion from bull to short yesterday, Bitcoin entered the downward trend.
Downtrend. The price is currently close to a low of $58,700, although there is a
The rebound is certain, but the intensity is not strong, and the short-term trend shows an N-shaped callback pattern.
The probability of continued decline is high. In the short term, it is recommended to be wary of further retracement
Risks, especially possible support near $57,000.
4. Technical analysis
Bollinger Bands: On the 4-hour chart, the Bollinger Bands closed, and the price failed to rebound many times.
It broke through the 60,000 line and fell below the middle track of the Bollinger Bands, indicating that the market is weak.
Moving average system: The 5-day and 10-day moving averages turn downward, putting pressure on the price.
Control; the short-term moving average of EMA7 has fallen below the mid-term EMA30 and is gradually approaching
The long-term EMA120 shows that the bearish power is strengthening. If the price continues to fall,
A stronger downtrend will be confirmed.
MACD indicator: The fast and slow lines are gradually approaching, and there is a tendency to form a dead cross.
The histogram has turned from positive to negative, indicating that short momentum is building.
