BTC: The short-term rebound is small and be patient
Bitcoin is currently hovering around $7,400. In terms of funds. The net inflow of funds was $431 M, ranking first for four consecutive days. The mid-term trend depends on the change in trading volume. You can refer to the change in trading volume at $3,150 US last year.
Therefore, mainstream currencies are still volatile in the near future. Don't expect too much. Although the small cycle formed a head and shoulders pattern, the rebound was suppressed by the 7700 line.
It is also mentioned that the excess can be weakened and does not have upside momentum. The current price is above the MA5. However, on the 4 hours chart, the price was suppressed by BOLL on the upper rail. Also, ma5 and ma10 are about to form a dead fork, and will soon be pulled back.
If the support below the level breaks again on the daily chart, it will accelerate the decline, and you need to prepare against shorts. The ability of current market rebound is poor. The market continues to fluctuate, not a good time to enter the market.
It broke below the 23.6% Fibonacci retracement level that fell from a low of $ 6,855 to a high of $7,676. However, the $7,400 support area seems to be strong. If it breaks below the $7,400 support, the price may test the $7,300 and $ 7,295 support levels.
The price tested the next key resistance near $7,700 (as indicated in the weekly forecast). A high was formed near $7,676 and prices are currently moving lower.
So be patient and wait for the next good opportunity.
Therefore, mainstream currencies are still volatile in the near future. Don't expect too much. Although the small cycle formed a head and shoulders pattern, the rebound was suppressed by the 7700 line.
It is also mentioned that the excess can be weakened and does not have upside momentum. The current price is above the MA5. However, on the 4 hours chart, the price was suppressed by BOLL on the upper rail. Also, ma5 and ma10 are about to form a dead fork, and will soon be pulled back.
If the support below the level breaks again on the daily chart, it will accelerate the decline, and you need to prepare against shorts. The ability of current market rebound is poor. The market continues to fluctuate, not a good time to enter the market.
It broke below the 23.6% Fibonacci retracement level that fell from a low of $ 6,855 to a high of $7,676. However, the $7,400 support area seems to be strong. If it breaks below the $7,400 support, the price may test the $7,300 and $ 7,295 support levels.
The price tested the next key resistance near $7,700 (as indicated in the weekly forecast). A high was formed near $7,676 and prices are currently moving lower.
So be patient and wait for the next good opportunity.
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