Monthly Closing: Where to Go from Here?

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6 months ago

The monthly closing of BTC is not very friendly, and the subsequent trend will definitely be affected by this bearish candle. Currently, there is still bullish energy on the monthly chart, and it is expected that there will be relatively large fluctuations this month. The potential trend range is between 59,000 and 70,000. If this range is broken, the next support is at 57,500, which is the trend position of the three-day chart. The trend position of the weekly chart is at 52,500, and the trend position of the monthly chart is near 40,000. These have not changed at the moment and are potential retracement trend positions in the future. If the trend positions do not change, it is highly probable that they will be reached. There is currently no need to worry too much about this. In the short term, there are oversold signals on the 1-day, 3-day, and 5-day charts, indicating that a short-term rebound is imminent. This can be observed to see if the monthly chart can form a parallel candlestick pattern or a reversal trend. The key focus is on whether there will be a death cross around 63,600 on the 2nd or 3rd, which could make the future trend more complicated in the short term. Many altcoins did not reach a new low this time, so there should also be a rebound. The trend position of altcoins on the monthly chart is still quite far, lower than the position before this wave of rise, which still needs attention. In the short term, there is a demand for rebounds on the 1-hour and 4-hour charts. The support for the overall market is at 59,000-57,000-52,500, and the resistance is near 61,800-64,500-66,000. The support for the large E is at 2,850-2,700, and the resistance is at 3,120-3,250-3,400.

BTC Chart

The main focus is on XRP, with short-term resistance at 55-57 and LTC with resistance at 87-95. The contract is at 595, with a stop loss before the previous low of 59.

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