When will the bearish trend end (what does bearish mean?)
When will the bearish trend end? When will the bearish trend end?Bitcoin has not
When will the bearish trend end? When will the bearish trend end?
Bitcoin has not been able to break the trend line in the past three months, from June 24th until now. Although there have been multiple attempts in the past week to break the resistance level and stabilize (as shown in the 4-hour chart), the recent market performance and price decline have led to a depressed market sentiment.
The trading volume in the BTC/USDT secondary market continues to decline. As of the time of writing, the total open positions are 57,600, an increase of 16.6% from the previous day; the total trading volume is $2.085 billion, a decrease of 15.7% compared to yesterday.
What does bearish mean?
Market Review:
Yesterday, Bitcoin rebounded after testing around 7450, overall still leaning towards bullish. After a brief spike this morning, it consolidated above 7200, but the momentum is not particularly strong. The MACD on the daily chart has crossed below the zero axis, forming a bearish crossover, indicating a lack of bearish energy. Currently, the price is around 7100, with the Bollinger Bands opening upwards, but it has not effectively broken through the resistance of the Bollinger Band’s middle line and the MA5 moving average, so the short-term trend will continue to be weak.
Looking at the short-term cycle, the BTC price gradually increased from the low point last night to above 7000, so the recent trading strategy still focuses on selling high and buying low!
Trading advice: Buy in batches around 7300-7350, set a stop loss at 7330, and target a range of 6900-6800.
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