Long sideways will eventually fall! Is there a risk of Bitcoin starting to fall?
Judging from the performance in the past few days, the price has been moving sideways, and tomorrow will also enter the weekend market. Generally speaking, the probability of the market on weekends is very small, that is to say, the market will probably continue to fluctuate on weekends. Long sideways will eventually fall, which means that after a long period of sideways fluctuation, it will start to fall. This is indeed often seen in the market.
The current sideways movement of the market is really sideways. It looked like a consolidation range yesterday, but now it seems like a triangle convergence. Then look at the liquidation map. Now on the daily level, bulls and bears are evenly matched, and neither side has a clear advantage. This is quite consistent with the situation that we just said should occur in sideways fluctuations!
Then there is the weekly chart. There are still a lot of shorts above, but compared with yesterday, it can be found that the number of longs on the weekly chart has started to increase, which is a little bit more. This is the benefit of our daily records, and the number of longs below has started to increase a bit.
I think it was a downtrend before, and then the price fell to the bottom, and the rebound began to move sideways. Then it is obvious that it has stopped falling, that is, many people think that if it does not fall, it will rise, but in fact it is not. Without falling and moving sideways, it may fall later! Moreover, after the longs increase below, the dealer wants to smash the market even more and harvest the longs.
To sum up and analyze, the current situation is definitely still bearish, because the price fell through the support level and did not rebound. Coupled with the long sideways drop that was just mentioned, the possibility of a drop is still great. Then one thing that must be made clear is that if the price rebounds and breaks through the current resistance, then we should adapt to the situation and temporarily cancel the bearish view. If it breaks through and falls back and breaks through again, then we should be bullish!
