BTC rebounds and remains volatile in the near future

The market encountered resistance again in the 11100-11200 range and fell back. The decline filled the gap in the CME futures contract last week, and fell to the 20-day moving average of 10638 points before stopping the decline and rebounding. The 20-day moving average support is not broken, and the short-term is still strong. After the subsequent price consolidation and accumulation of momentum, there is still a chance to attack the pressure of the 11000-11200 range again. Only when this pressure is effectively broken can the reversal of the trend be confirmed. The subsequent volume can keep up, and it will be highly likely that the upward attack will continue.

As for the current trend of Bitcoin, from the halving on May 12 this year to the current trend, it can be found that the daily line has been running above the upward trend line in the figure. The current price has touched this trend line 4 times and has rebounded. The recent one is the daily line plug-in to US$10140, the neckline position of the previous weekly head and shoulders bottom, and then ushered in the recent rebound, which verified the strong support of the trend line. The support line point has moved up to around US$10225. Once the price falls back, we can observe whether there are signs of a downward plug-in or a stop-loss and stabilization. If it does not break, you can still buy low. In the short term, it is still a volatile market, with support at US$10,500 below and suppression at 11,000-11,200 above. Before a directional breakthrough, short-term high selling and low buying should be used.