Since the most fearful moment on Monday, we've been consistently calling for a long position. Yesterday, Bitcoin adjusted slightly in the evening and then rose all the way to around 84k. Yesterday, we also opened a long position near 81300 and took profit around 83k-84k. Basically, it was a long position opened at the lowest point, and Brother Zhuang has also shown great respect for the department head.
On the daily chart, the market trend has not reached a new low compared to yesterday's coin price and has rebounded upward from the support near the midline of the bullish candlestick from the 11th at around 80600. Therefore, we can consider that the price has completed its decline. Currently, the most important step is to regain the position between 85k and 86k in the next few days, which would allow us to further challenge the MA50 position, approximately between 93k and 94k.
On the MFI, the divergence trend is already very clear. As long as the coin price can regain the position between 85k and 86k in the coming days. Then the bottom at 76k can be established. Once this bottom is established, the pullback at MA120 on the 3-day chart, which we mentioned earlier, will come.
In the short-term intraday trend, we continue to look for positions to go long, focusing on support levels of 81800, 81300, and 80500 on the 1-hour chart. Resistance is at 86150 for pullback.
In summary, as the daily chart bottom slowly establishes, the pullback in the daily market will be imminent. Do not abandon your long positions at this time. As long as your long position is not a gambler's position that would be liquidated with just a couple of thousand points, it is recommended to continue holding and look forward to the height of the pullback!
Dare I ask where the road lies?
The road lies at the feet of the bulls!
