Crypto Circle Academician: Will the Bitcoin triangle converge on April 27 trigger a market change? How should bulls and bears choose? Latest market analysis reference
The essence of trading is survival, followed by profit. I hope you can understand,
Bitcoin is currently priced at 94,250, it is now a little past two o'clock in the morning Beijing time, just as predicted, this week's market has finished and what remains is a high-level consolidation market. Currently, it is in a triangle convergence market, hovering around 94,000, neither going up nor down. In such a market, it is possible to try a long position. Some traders choose to wait for another dip to 93,000 before entering, which is also fine. Both positions are critical support points, but 94,000 is the neck line, so the market will continue to maintain the trend of high-level consolidation.
The daily candlestick chart shows a high of 95,160 and a low of 93,800. The EMA trend indicator is still alternating upward, indicating a bullish trend. However, the MACD has begun to show divergence at the top, with decreasing volume, indicating weakening bullish momentum. The Bollinger Bands have opened with the candlestick returning below the upper band at 96,300. There is a risk of a pullback in the larger trend, but there is also momentum to challenge the previous high. Therefore, our reason for choosing to go long at 94,000 is simple: all upward trends are after a breakout followed by a retest; if the retest holds, it is an opportunity to enter, it's that simple.
The four-hour candlestick has reached the EMA15 trend support point at 93,900. If it continues to hold this position in the short term, the short-term support is valid and we can try a long position. The EMA30 trend support at 92,600 can be referenced as a second entry point, but we will just observe it for now. The MACD has been consistently decreasing in volume, and the divergence trend is evident, with increased bearish momentum. The Bollinger Bands are consolidating at a high level, and the candlestick has pulled back to the middle track support above 88,850. The upper band is at 95,300 and the lower band is at 92,200, both key positions.
Short-term thinking reference: There are no certainties in the market, so be sure to set a stop-loss. Safety first, small losses and big profits are the goal.
Northern trial entry point from 92,500 to 93,000, with a defense at 92,000, a stop-loss of 500 points, and a target of 94,000 to 94,500. If broken, look at 95,000.
Southern trial entry point from 96,000 to 96,500, with a defense at 97,000, a stop-loss of 500 points, and a target of 95,000 to 94,500. If broken, look at 94,000.
Specific operations are based on real-time data from the market. For more information, you can consult the author. There may be a delay in article publication, so it is recommended for reference only, and risks are borne by yourself. $BTC