Duanwu 'Disaster'! The one-sided Bitcoin market is coming to an end, and it's starting to get turbulent!
Bitcoin has finally broken through! The previous surge from 75,000 to 112,000 has come to a halt, dropping to a low of 104,600. What does this indicate? Don't expect a continuous rise; it's time to play in the 'up-and-down monkey market'!
Right now, the coin price feels like it's specifically targeting the big players' liquidation! Take last night for example, a guy just went long (liquidation price around 105,300), and today a precise 'pin' came in, bang, right on the mark, liquidating him! Isn't that a coincidence? The price hasn't changed much, but his wallet is empty, and the money has gone to someone else.
Looking at the daily chart: three bearish candles are standing, going up and then crashing down, clearly indicating a downward trend. The MACD technical indicators have 'crossed' at a high level, indicating that a short-term pause is needed. However, there is a monthly average line (MA30) supporting the bottom; it won't drop too deeply, with the extreme possibly just touching the support point of 104,000 again. I think once this gust of wind passes (washing out the weak hands), and the market stabilizes, it will continue to push towards the 110,000 mark!
Currently looking at the hourly chart, the downward trend hasn't changed. The key is to keep a close eye on the 103,000 position! Don't rush to buy the dip; if there's a small bounce, around 105,000 is a point of observation.
Personal opinion, not investment advice.
Follow Brother Yong's steps to see a different circle.
Focus for the day: OM SUI SOL FUN BTC
