BTC sees signs of an upward breakout, with a sharp rise in key performance at the end of this week

Abstract: BTC completed an upward breakthrough of the 8200 line overnight and hit a nearly ten-day high. The price rebounded in the morning. The stabilization of key points may become the key to the future monthly level band market direction.

Although BTC broke through the short-term key resistance last night, other mainstream currencies did not follow up significantly overnight. As shown in the heat map, the top currencies rose and fell overnight, and the short-term market activity increased, but there was still no clear long-short unilateral trend. However, if BTC can give a clearer stabilization signal above 8200, the market is expected to usher in a new round of collective rising market.

BTC

After BTC completed an effective breakthrough of the upper trend line resistance of the convergent triangle formed some time ago, it has been operating in the 8000-8200 range in the short term. A short-term sharp drop last night drove the price to complete another precise retracement confirmation of the transformation of the upper trend line resistance of the previous triangle structure into support. At present, this support has been verified to be effective many times, and BTC's short-term upward momentum is becoming clearer.

Especially after the price broke through the short-term key resistance of 8200 last night, the upward space has been further opened. As of writing, the price is still hovering above 8200, and the long upper shadow cross star formed by the previous 4-hour K-line largely shows the tangled sentiment of the short-term market. Therefore, it is expected to take more time to confirm the break of this key point. In the short term, we can just keep a close eye on the stabilization situation near this position.

Taking into account the particularity of the 8200 resistance line, it is recommended to use the 4-hour level chart as a reference period to judge whether the position has stabilized or not. At least it is safest to wait patiently for a relatively clear stabilization and rebound signal from the 4-hour level chart before following up with a long order. It is a rational choice to use space to exchange for certainty during the market's hesitation stage. After confirming the upward breakthrough, the first upward target can be looking back to the 8900 line. Further upward breakthrough is expected to hit the 10,000 integer mark. Therefore, there is no need to be obsessed with confirming some of the space lost during the rising stage.

BCH

BCH led the mainstream currencies overnight. With the sharp rise in the early morning, the current price has completed a preliminary breakthrough of the 409 line of resistance of the irregular arc bottom structure neckline formed in the past 10 trading days. The last time the 4-hour K-line closed above this position can be traced back to a full 10 days ago. Therefore, although it quickly rose in the early morning and closed with a cross star in the 4 hours and fell further in the early trading session, whether the key support of 409, the important golden section line, and the precise overlap of the bottom prototype neckline position can be stabilized is the key to determining whether this short-term rising market can further expand its gains.

Therefore, the logic of BCH's follow-up is not complicated at present. Whether the price can hold the 409 line during this wave of callback is crucial. If the market can give at least a 1-hour stabilization signal above this position, you can try to start making batches of long orders. After 409 stabilizes, the 409-423 area is regarded as a reasonable area for long orders. Once the market completes an effective breakout of the 423 line, the upper space is expected to open up quickly to the 443-452 area. However, if the price quickly falls back to below 409 and fails to quickly recover this position, the market is expected to restart and redirect in the 409-392 range. No new positions will be opened in this range, and judgment will be made after the next breakout signal appears.

LTC

LTC fell back after hitting the strong resistance area of ​​140-150. It has now fallen back to 131, a key point emphasized in the previous trading days. The short-term first support transformed after the upper trend line of the rising channel that has been maintained for more than a month was broken and faced a test again. The recent round of rising market callback 0.382 key resistance formed a short-term strong support area with the edge trend line of the medium-term channel structure. Whether LTC can maintain the support range of 126-131 before the weekend has become the key to choosing the short-term trading direction.

If the above-mentioned range stabilizes without breaking, there will be no worries about the volatile upward momentum. After the market completes the confirmation of the pullback to this clear technical support, there will be at least a chance to test the current high of 144 again in the short term. Therefore, the first support range is in place to determine that it has stabilized, and after the price re-captures 131, you can try to catch a wave of light short-term longs. As the halving node approaches, it is not recommended to intervene heavily in LTC transactions in the short term. In addition, if the market falls below the 126 line during this round of correction, do not open new positions in the short term. It is better to be cautious before risk events.

Source: Xiaocong APP