Market analysis: After the dive, the more critical for BTC is this resistance line
Source: Shallot Blockchain
During the weekend, a wave of shocking collective crashes renewed panic in the market.
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During the weekend, the cryptocurrency market reappeared with a collective collective diving. Although the mainstream currencies have experienced a considerable wave of rebound performance in the early hours of this morning, the lack of continuity of the short-term upside has not pushed the market to complete the previously accumulated declines during the weekend. Effective recovery, and with a new round of general declines in the early morning, most of the mainstream currencies currently covered by the heat map have basically reached the weekend lows.
During this period, the market value of the previous currencies fell by an average of 15%. Although the declines of BTC and HT were relatively small, they also reached the level of about 10%, while the currencies such as TRX, which led the stage, fell by nearly 20%.
In the past 24 hours, BTC has made a wave of surprisingly rapid diving. The short stay near the key resistance of 9110 failed to achieve an effective stabilization decision, which caused the short side to regain control of the market's right to speak. The price for key support such as 9000 and 8680 The rapid fall has laid the groundwork for the recent round of plunge. As emphasized in the analysis of last week ’s settlement, the 4-hour 50-period moving average is very important for the short-term market direction for BTC, and this round of short-term rounds brings prices back to a nearly one and a half-month low during the sharp diving period. The rapid decline of the moving average has caused the market's bearish sentiment to rapidly ferment. The overnight market's rapid break below the platform's multiple lows overlapped earlier this month made the short-term decline further accelerated.
As shown in the following figure, after the market fell below 8460, the market has broken through the 8240 platform where a small double bottom operation is located at the end of January this year. This has allowed the market to now enter a "dangerous area" where short-term technical support is scarce. For the market, more effective technical references focus on support conversion resistance not far from the current price. In the short-term market is in a special stage of clear short-term dominance, once this kind of intensive resistance is confirmed to be effective during the short-term technical rebound, it is likely to cause a new round of accelerated declines to go out, and the upper resistance is confirmed to be valid and further I am afraid that the target to be explored needs to look down to 7620 directly.
In terms of specific points, the upper 8240-8460 range is the most critical for the further development of the BTC market. If the market is oversold after a wave of slump and diving, the market will get out of the index's corrective rebound performance. The performance in place after touching the above-mentioned range will directly determine whether the downtrend is over or a new "relay station" in which a new round of accelerated declines will start again.
After the rapid rebound of the market is completed, the decline in the effective recovery of this interval will come to an end. After regaining the 8680, you can consider re-doing more single orders. However, once the market touches the area again, it will be frustrated and fall again, and if it can further fall through the 8000 integer support, you can consider further short-sale pursuit. The short-track target is 7620.
Although the decline of most mainstream currencies, including LTC, seems to be much larger than that of BTC during this round of declines over the weekend, from the perspective of disk performance, although LTC has seen considerable declines in this round of callbacks in the past half month However, compared to the previous low position at the end of January, the currency has only returned to the vicinity of the previous low position of 50 integers, and has not completed the effective break of this former low position like BTC. Compared with BTC, the short-term decline of LTC has a clearer technical support reference below.
To some extent, this interesting technical pattern means that most of the second-tier currencies that are similar to them are actually still "reserved" for the further expansion of the downtrend, and the market is still waiting for BTC to do further directional confirmation before doing In the situation of large-scale follow-up, the relatively representative second-tier currencies have stepped out of the expectations or risks of considerable independent market prices.
In short, the currency of LTC does not consider the currency to have the ability to open space quickly and downwardly before the 50.5-48.4 area breaks down. At present, the currency remains temporarily in a weak and volatile situation in the 50.5-56.0 range. . The further direction confirmation of BTC mentioned in the previous article is the key.
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