Market analysis: Bitcoin shorts are suppressing strongly, and the price is expected to go down

The cryptocurrency market needs to become "extremely easy to use" to ensure that it moves beyond the use of crisis currencies. He added that measures to control volatility need to be implemented. In his view, the stablecoin market is booming and will prove superior to speculative digital assets in the near future. With more and more people paying attention and recognizing it, Bitcoin will have a bright future.

Technically: On the daily chart, the K-line has ended in a negative line for three consecutive days, but fortunately, it rebounded after hitting the support at 9240 for two days, preventing the price from falling further below 9200. The upward momentum weakened again during the day, and the price has stabilized below 9400, and continued to test the support strength below, and the rebound was relatively weak. The five-day moving average and the ten-day moving average are getting closer and closer, forming a suppression area near the 9400 position. If it cannot be broken in the future, the author Chu Chu believes that the price will definitely fall further.

From the short-term four-hour chart, the Bollinger Bands remain open downward, the price is in the middle and lower track area, and is constantly approaching the lower track position, and there is a possibility of a short-term downward trend. In the future, we will focus on whether the support at 9240 can withstand the upward attack. If not, the price will further decline to around 9100. If it can withstand, the decline will be temporarily alleviated, but it will not dissipate unless the price can return to the key position of 9400. In summary, the overall trend is a volatile downward trend. The operation is recommended to be mainly high-altitude, and the upper resistance is concerned with the suppression of 9400-9450.

Trading strategy for Bitcoin: If the price reaches 9350, enter the market with a short position, stop loss at 9400, and take profit at 9240. If the price rebounds to 9440, cover the short position, stop loss at 9500, and take profit at 9300. If the price further falls below 9240, it is recommended to follow the trend and take profit below 9100.

Ethereum (ETH) is linked to Bitcoin, and the rebound strength is gradually weakening. It has tried to move upward for many times and stopped at 230. Although it is currently in the range of fluctuations, the price has begun to slowly decline. The overall trend is fluctuating downward. The operation is recommended to be mainly short. Enter the short position at the price of 230, stop loss at 232, take profit at 226, and continue to hold if it breaks. Pay attention to the upper resistance of 232-235, and the lower support of 226.

The intraday price fluctuation of BCH is compressed, and the market fluctuates in a narrow range. The operation suggestion is to mainly short orders. When the price reaches 234-235, enter the short order, stop loss at 237, and take profit at 230. The upper resistance is 238-241, and the lower support is 228-224.

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