The Bitcoin market is heating up, so the best option is to wait

Today, at the beginning of the Asia-Pacific trading session, the price of Bitcoin rose sharply. The initial pull-up was strong, although the subsequent market was very weak.

Bitcoin Price Analysis

Bitcoin China 4-hour chart analysis (15:11 UTC September 28)



Looking up, there is the 4-hour 800-period moving average (purple).
If the price exceeds the daily 200-period moving average in the BTC China and Huobi charts, then the intersection of the 4-hour 800-period moving average with the rising gray trend line will become a further target point. Since this round of rise is led by BTC China and Huobi, let's pay attention to their actions around the daily 200-period moving average.

Downward, we set a buy signal point on the moving average in the small cycle chart, exceeding the support level below, about $220, and facing the possibility of a large-scale decline. It must be pointed out that we have been in a shock correction since late August, which has caused some mistakes in our xbt.social operation suggestions. The market situation in the past few weeks has shown that the market often surprises, and the goals we analyzed based on technical indicators have not been achieved.

Those who didn't catch this round of rebound should wait. Sometimes the best option is not to trade. The price is now characterized by being sandwiched between several technical support and resistance lines. In this case, the probability of a large-scale pull-up is very low. Further declines are possible. More likely, we will see a larger cyclical volatility decline. At present, the price is still constrained by the 4-hour 800-period moving average, and the support line is at $220.

What matters is not whether you are right or wrong, but how much money you make when you are right and how much money you lose when you are wrong. --George Soros

Summarize

The price is rising and encountering strong upward resistance. Once the daily 200-period moving average above is broken, the price will rise to the high of early September. This will open the price window of 250 USD and 1600 RMB, which will show more room for growth beyond the current price range. If the price continues to hover below the daily 200-period moving average, we should expect to see a downward retracement, but for now, it seems that the bulls are still in control of the situation and patience must be waited for a sustained decline.

Bitfinex order depth chart and trading volume display: