Market analysis: Bitcoin is under heavy pressure from above, preventing the price from falling again

Yesterday, Bitcoin opened sharply lower and continued its downward trend. It rebounded only after reaching the low point of 9100. As time went by, the market was repaired and sorted out. The current price is above 9400, but due to the strong pressure from the upper 9600-9550 position, it failed to rise further. From the daily level chart, it has ended with a negative line for two consecutive days. After the rebound, the price continued to rise and is trying to stabilize the middle track of the Bollinger Band. At present, the upward momentum of the price is still lacking. The upper 5-day moving average and the 10-day moving average hook down to form a line of resistance near the 9600 position, and yesterday it rose to the 9550 position because the upper pressure was too strong, so it had to fall back and adjust. This shows that the upper selling pressure is strong, and it is recommended not to blindly chase the rise.

On the short-term four-hour chart, the Bollinger Bands remain open downward. After the price was blocked at 9550 yesterday, there was a wave of correction, but it did not go further. It rebounded at 9300 and is currently slowly rising to 9451, with a trend of stabilizing the five-day and ten-day moving averages. The upper resistance is 9550-9620. If it can break through and stabilize, the price is expected to go above 9700. If it cannot break through, the price will enter a high-level shock in the 9450-9400 area.

In summary, the upper pressure is strong, and the bears still have the advantage, so the operation is recommended to focus on high-level short orders. If the price touches 9550 again, consider entering a short order, stop loss at 9620, and take profit at 9450-9400. If the price rises and stabilizes at 9620, it is recommended to enter a long order with a take profit above 9700. If the subsequent downward trend continues and breaks through 9400, it is recommended to follow the trend and chase the short position with a light position, and take profit at 9300.

In addition to Bitcoin, let’s take a look at other currencies:

After the correction and consolidation, the price of Ethereum slowly rose to 239.4 and was blocked, and then rebounded at 234. Although the current price is at 237, the upper pressure is still too strong, so the operation is recommended to open high and rise. The entry point is considered to be at 239-240, stop loss at 242, and take profit at 236-235. The support below is 233, and the resistance above is 245.

Prince Linked Cake, the strategy is still high-altitude, the price reaches 242-243, you can consider entering the short position, stop loss 245, take profit at 238. Pay attention to the upper resistance of 247-250, and the lower support of 235.