Bitcoin, breaking through the $60,000 mark strongly, is now at the highest level in history. Once upon a time, this was something that many people could not even imagine, but now it has come true. One coin, one Tesla, one coin, one villa, for such a "comparison", it seems that it is getting closer and closer to reality.
Bitcoin hit a new record high, which is a good thing for some friends, especially friends who had set orders in the early stage, perfectly solved the set and took profits along the trend. But for some people, it must be a bad thing to fall into the abyss. Set orders and liquidation are everywhere. In fact, Teacher Tan can understand it. Why? Affected by the historic slump of 312, many of my friends are shorting, buying short, and chasing short. The army was wiped out. This week, there are many bears in the market, such as double-top patterns, 312 event gimmicks, etc. The same analysis affects the entire market sentiment, but Mr. Tan has always insisted on being bullish, and it can even be said that the bulls have reached a high level. This is like the current bitcoin price, how lonely it is to be invincible!
Flipping through the title of this week’s article by Mr. Tan, it was written in the weekly commentary last week: The adjustment in the weak is about to break out. Don’t be afraid of the 3.12 historical plunge. Don’t panic if you break the 50,000 mark under pressure. The US $1.9 trillion to stimulate the economy Realized, can institutional bulls overturn the historical plunge day, institutional bulls continue to pull up, institutional bulls are cautious about technical callbacks, buy expectations and sell facts to enter technical callbacks, re-cognize 312 and recognize the bull market. Each article has a lot of trading views, and the medium and long-term is tentatively set at the range of 58,500-60,000 US dollars. After the explosive rise on Saturday, it has perfectly reached the target. Other currencies such as Ethereum, Litecoin, and Bitcoin Cash are hundreds of The target profit of 1 point is also reached perfectly. After this round of sharp rise, where Bitcoin will look has become the target of many people's suspicion. Mr. Tan just wants to say that after the sharp rise, there must be a pullback. As for where the pullback will go, we need to wait patiently, but We can continue to extend this wave of bulls upwards, and we can even look at the $70,000 mark.
Tan Yu Kai of the Currency Retail Alliance believes that the main reasons for Bitcoin’s breakthrough of 60,000 US dollars are: First, the passage of the 1.9 trillion stimulus bill in the United States has opened a new round of water release, and investors are concerned about the tightening of the monetary environment caused by previous inflation. Expected worries were resolved. Bitcoin experienced a sharp correction before, that is, the market continued to be unoptimistic about inflation. The current policy was implemented, and the previous excessive decline was corrected; secondly, Microstrategy continued to buy Bitcoin, and it still maintains a bullish view on Bitcoin At present, the attention and recognition of Bitcoin by large listed companies is gradually increasing; Meitu, Silicon Valley technology companies, etc. have joined the ranks of buying Bitcoin, which is undoubtedly the icing on the cake. Third, Bitcoin has continued to hit new highs this year, and individual investors in the market have a strong FOMO sentiment, and they have also joined the ranks of buying Bitcoin.
Bitcoin (BTC): On the weekly line, Bitcoin received two real positives in a row, directly engulfing the previous downward trend. The overall trend is still running in the upward channel, BOLL is open, and the average MA5/ The continuous golden cross of MA10 provided support at 52,600 and 44,300 US dollars respectively, while the top continued to move higher after constantly setting new highs. It can even be said that every callback is for a subsequent surge. The short-cycle KDJ technical indicators are moderately upward, and the upward movement of MACD in the attached picture can increase volume. It is expected that Bitcoin will continue to maintain an upward trend. Looking at the daily line, Bitcoin received a big positive line the next day and once again established its bullish trend, especially after a strong breakthrough in the upper rail position of BOLL, BOLL is slightly open, and the rising market is expected to be digested in the adjustment. The moving average MA5/MA10 crosses the golden cross to provide support at 58,500 and 54,800 US dollars respectively. At the top, we can pay attention to the resistance of today's high at 61,800 US dollars. The short-term KDJ technical indicators are moderately downward, and the upward movement of MACD in the attached picture continues to increase. It is expected that Bitcoin will maintain a high level of adjustment.
To sum up: Judging from the news, the official implementation of the US $1.9 trillion economic stimulus plan and the boost of "institutional bulls" are still supporting the upward movement of Bitcoin. Recently, Bitcoin has continued to break through the top and set new historical records. Even with such a rapid rise, the bullish sentiment in the market has not been extinguished, but has become more and more vigorous. From a technical point of view, Bitcoin has adjusted today after its surge, and the overall trend remains above the $60,000 mark, and this position will also become the dividing point for today's callback adjustment. To be honest, we need to be cautious about the market that breaks the high position, because the faster the rise, the faster the fall, so we choose to do more at the support position for its operation.
Short-term upper resistance level: 61200/61800 Short-term lower support level: 60000/59000
Ethereum (ETH): In the weekend market, Bitcoin once again hit a record high, while the rhythm of Ethereum seems to be a bit slow, and it is still under the suppression of the bull market in the early stage, and the overall pressure is on the $2,000 mark. According to the previous trend rhythm, every time the Bitcoin rally is over, there will be the Ethereum show. As for whether this performance is still under observation, from the perspective of the overall trend, the teacher thinks that the Ethereum rally will show very likely. A big positive line on the daily line made Ethereum’s high adjustment momentum directly turned into a strong bull, BOLL was slightly opened, and the moving average MA5/MA10 crossed the golden cross at 1840 and 1780 USD respectively to provide support, while the upper part focused on the intraday The high is at the resistance of $1940. The short-term KDJ technical indicators are moderately upward, and the upward momentum of the attached MACD continues to increase. It is expected that Ethereum will maintain a volatile upward trend. In the short term, Ethereum has a tendency to adjust downward. The focus below is on the support of $1,840, but the general trend is still on the high side. Therefore, the teacher’s suggestion for contract trading is to maintain a low-multiple idea and follow up. If there is a pullback this time, it will be a good opportunity for those who place short orders, and if they miss it, the risk will continue to intensify. At the same time, for spot traders, it is also an opportunity to hoard coins. If you are uncertain about the interpretation of technical market and news, or you have a set list, you can discuss it with Mr. Tan. Subscribe to the official account; Currency Circle Retail Alliance.
Short-term upper resistance level: 1900/1940 Short-term lower support level: 1840/1820
(Text/Talk about Yu Kai)
This article comes from the author Tan Yu Kai, please indicate the source when reprinting, please respect personal opinions, and do not plagiarize. The intraday market is changeable, and the article is time-sensitive and lagging. No express or implied guarantee is provided for the accuracy, reliability or completeness of the contained content.
(Text/Talk about Yu Kai)
