Analysis shows: 9350 first-line key support breaks down and the medium-term bull pattern is clearly destroyed

As of the close of the daily line (08:00 Hong Kong time), the BTC quarterly contract price appeared to break through the 9350 first-line key support level and fell below the 60-day moving average. OKEx analyst Charles believes that since the bottom of the $ 6,400 rebound at the end of last year, the currency's medium-term trend structure has consistently maintained a major low and continued upward movement, which is a typical feature of the bull pattern. The last line of defense to maintain this feature is near 9350. A clear break below indicates that the upward movement of the low point has been confirmed to be destroyed, which means that the mid-term bull market pattern has ended.

At the same time, the fall of the 60-day moving average means that the bulls who have entered the market in the past two months have suffered large losses, and the effect of losing money has been diffused. This will cause a strong blow to market sentiment and long-term confidence, and the short-to-medium-term market trend is very dependent on sentiment. Therefore, it is expected that the overall operating pattern of the currency price in the next long period will be dominated by decline. Of course, a unilateral decline is a small probability event, and it is more a wave-like advance. In other words, the main rebound of the currency price will gradually decrease, and the low point will be refreshed again after each rebound. Intraday resistance concerns 9100 and supports 8500.