June 10 market analysis: Bitcoin once again tests 7500 support

[Yesterday's Market Review]

Bitcoin 15 Minutes

Yesterday, after a short trap at 7850, the market went up to lure in longs; then it fell below 7850 and continued to fall.

In this area, we see that there is no sustainable trend, just oscillation; it goes up, giving people the feeling that it is going to go long, but you should not rush in and go long immediately, but instead, you should ambush near the upper rail of the four-hour triangle; although 7850 is some distance away from the upper rail, it is a small bargain, it may really rush up directly, or it may fall down first, oscillate and then go up; if you rush in and go long in advance, you will be greedy for a small bargain, and in the end you will easily suffer a big loss!

In the same way, Bitcoin has fallen again; it may actually fall, or it may oscillate upwards and then fall. In this area, you can either miss the short position and focus on the long position, or wait for the candlestick chart of the daily chart to close below 7500 before focusing on the short position. If you start to short now because it is falling, you may be greedy for a small profit and end up suffering a big loss!

In the end, we can clearly see again through the shocks we have experienced: within the triangular oscillation range, there are traps everywhere, which are hard to guard against, and there are very few real opportunities!

To survive in such an environment, you must have a flexible mind, the ability to react quickly, and a high sensitivity to the market! However, such qualities are very demanding for ordinary investors; so what are the market conditions that ordinary investors can also achieve?

Answer: The market after the triangle shock is something that ordinary investors can catch. So this section requires you to resist the desire to make orders, and wait and wait! We try to do the kind of market that can be seen at a glance whether it is a long or short market, rather than the market where both long and short are uncertain! As long as it goes out of the triangle shock range, the direction will come out immediately; at this time, the market is easy to do!

【Market Analysis】

Bitcoin Weekly Chart

If you don't have much time to pay attention to the intraday market, and don't have much confidence to win in intraday trading, then the weekly chart will be very useful to you, because the weekly chart is a slow-paced intraday market.

How we treat intraday trading is how we treat weekly trading. The ideas used are the same, but the time period is different.

The K-line of the weekly chart moves slowly, so we need to wait longer. Because we need to wait for a long time, this is a road that few people will notice, and even fewer people will walk on it! The fewer people notice and walk on a road, the higher the value of attention it has!

As for when it will come down and how it will come down, we don’t know; what we do know is that the big trend has been formed, and we still need a leverage point! This leverage point is the point that the smart funds of big institutions are waiting for!

Bitcoin Daily Chart

The daily chart closed with a negative line after the doji yesterday.

However, the overall pattern is still a triangular oscillation range, so as long as the lower track of 7500 does not close, the short position will not be established! As long as the upper track of the triangle does not close, the long position will not be established! It is just a disorderly oscillation! But this oscillation is coming to an end, and we need to focus on the closing of the candlestick chart in the past two days!

There will be more opportunities in the next few days than in the previous ones. The market has reached the end of the triangle and is almost at a point where there is no way to go. That is, the old shock is over and a new trend is beginning!

Bitcoin four hours

Although it did not go up to test the upper rail yesterday, it did go down to test the lower rail.

By looking at the third oscillation interval on the right through the previous two oscillation intervals, we can understand why it oscillates for so long in this interval and where it will oscillate to. Because this area is an area where the competition between long and short is fierce, it requires a long tug-of-war!

In this tug-of-war zone, stay on the sidelines as much as possible. Because the trend is disordered, there are more traps than opportunities! If you want to pay attention to both long and short positions, you will definitely feel very entangled in your heart. Should you pay attention to the short opportunity of closing below 7500; or pay attention to the long opportunity near the upper track of the triangle?

I personally prefer to ignore possible short-term pullbacks, focus on the trend before the possible long position is formed, and then perceive the signal of long position start! So where is the signal of long position?

Let's assume a possible scenario: when Bitcoin oscillates to the end of the triangle, the four-hour moving average begins to flatten or even overlap. When the market breaks through the upper track or closes above the upper track, the four-hour moving average crosses. At this time, the 15-day moving average of the daily chart is also re-established. Then this area is the ideal bullish signal. Let's wait and see if such an ideal situation will occur.

But there will be another scenario: Bitcoin falls below 7500 and closes below 7500, going deeper downward. When this happens, how should we deal with it?

Answer: You can’t have your cake and eat it too! You can only gain something if you give up something, and you must give up something if you want to gain something! If you divide your mind into two parts, your mind will be shaken and you will be easily lured into empty or long positions; if you concentrate your forces and attack only one point, then if you don’t attack, you will win!

So after the technical analysis is completed and the ideas are clear, not everyone can execute them according to this idea; it also depends on the individual's inner cultivation. Those with wavering will are easily tricked into buying or selling; those with strong will will definitely miss the market, but once the opportunity passes by, they will enter the market without hesitation!

To sum up, the technical point that Bitcoin focuses on in the medium and long term is at the medium-term bull-bear watershed on the weekly chart. In the short term, it is still in the final stage of triangular oscillation, waiting for the market to break through on its own. If the bears miss it, once there is a bullish signal near the upper track of the triangle, they can take advantage of the trend to move forward!

Source: Tanxue Blockchain (official account)