Long-term trend

In yesterday's video, we mentioned that the 42836 level is a strong resistance. If this level is not penetrated, we expect it to become the turning point of the current large cycle retracement trend. After a day of price evolution, although the uptrend with divergence in volume and price continues, the bulls showed a relatively relaxed state when breaking through the strong resistance. This kind of state has many illogical points. On one hand, there are heavy resistances above, but they are always easily resolved. On the other hand, in the later stage of the uptrend, the price has long been in a dense area of previous chips but seems to be moving forward effortlessly. This excellent uptrend not only lacks the support of volume but also continues to be accompanied by a lackluster volume. From the perspective of the long and short game, this situation indicates that both the long and short sides may be tacitly hoping for a price increase. The more bullish the market becomes, the more excited the bears become. The bears are inducing the bulls to continue pushing up the price in order to obtain better profits for selling. This is also the main reason why I have been particularly worried these days and have not been able to let go to go long.

Medium-term trend

Bitcoin continues to maintain a clear upward trend on the medium-term chart, and the bearish structure we wanted to wait for yesterday did not appear. However, it is important to note that due to the conversion process from long-term trend to short-term trend, the medium-term trend is in the process of converting from bearish to bullish. There is a strong contradiction between the long and medium-term cycles, so although it is likely to continue the trend of oscillation and upward movement in the future, there is also the risk of bears selling off at any time. Therefore, at this time, both long and short positions will have a high level of risk, and I do not lean towards any operation.

Short-term trend

In the short term, we can see that the market did not develop as we expected yesterday, but instead continued the rhythm of consolidation and uptrend. Given the concerns about the long and medium-term market, seeking short-term opportunities is currently a better choice. After last night's uptrend, the current market has once again entered a period of consolidation. So, continue to follow the rhythm of the main force today, wait for the end of the consolidation, and observe whether a clear structure appears. I believe that the small-scale market will give another opportunity later today.

Patience is the first digit of the wealth code. Welcome to join the Rabbit community.

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