11.5 Bitcoin continues to decline! Is there still a rebound trend?
Bitcoin continued to decline yesterday. Looking at the daily chart, we can see that there have been six consecutive bearish candles. Under these circumstances, it seems that Bitcoin is about to fall to the next support level, which is around 65,000.
From the trend line drawn from the bottom, it can be seen that the current price has not yet reached the position to retest the trend line. However, if it drops to the support level of 65,000, it will have to touch this upward trend line.
As we mentioned yesterday, there is a chance for Bitcoin this week to attempt to break through the key resistance area around 73,000 to 74,000. This is also a historically significant resistance range. Based on previous situations, I believe that the price should not just end the downward trend after a pullback, but should continue to attempt to make another breakthrough.
If the breakthrough fails again, then I believe a pullback will begin. However, the situation in the last few days has not followed this pattern. After the price reached around 73,000, it faced resistance and has been continuously pulling back down, with a significant decline. In the early hours, the price also dropped to the 66,000 price range.
Moreover, from the daily chart, the MACD is currently showing a dead cross trend, and the situation is not very optimistic. My suggestion is still to wait for the price to show a rebound on the daily chart before considering whether it will attempt a second breakthrough.
Although I expect the price will likely attempt a second breakthrough, we still need to wait for Bitcoin to stabilize after the pullback before considering relevant actions. Therefore, at present, we should first expect the daily chart to show a bullish candle to stabilize at the bottom; otherwise, bulls should refrain from taking action recklessly.
