11.29 Bitcoin continues to try to break through the trend line! Will it soar if it succeeds?
Continuing to observe the Bitcoin pattern we saw yesterday, we can see from the above figure that Bitcoin made a small correction after failing to break through the downward trend line yesterday, and then began to try to break upward again in the early hours of today.
So far, the price has come to the vicinity of the downward trend line, but it has not been able to break through successfully. From the one-hour level, it can be observed that the K-line has begun to close the trend of the negative line, and the price has begun to pause here, so the current downward trend line above Bitcoin is still very strong.
Then this descending triangle pattern, I think this is the most noteworthy pattern for us at present. I think if the price of Bitcoin still fails to break through this downward trend line from tonight to the early hours of the morning, then it will be more dangerous when entering the weekend.
The price is likely to continue to pull back until it pulls back to the bottom and the previous support position, which is around 91,000. Of course, today is also Friday. From the perspective of time, the probability of breaking through and rising in this time period of the week is not high.
So I think we can hold a more pessimistic view at present, that is, it is difficult for the price to break through this downward trend line this week. We need to wait for the price to continue to fall back to the support level and then try to break through again. Such an opportunity may appear next week.
Of course, we must always pay attention to this downward trend line. If there is a sudden news or short-term fluctuation that directly breaks through this trend line, then I think there may be an increase during the weekend.
So friends who don’t want to miss out can pay attention to it. You can consider getting on board when it breaks through! Although the probability of a successful breakthrough seems to be low during this period, the market is not what I can predict after all, so I still need to adapt to the situation!
