The current operation of Bitcoin should be simplified and less a

20 may 2023

Bitcoin broke through in March and created a rebound high of 31,000 after entering a shock adjustment stage. Although the voice of ending the US dollar interest rate hike is getting higher and higher, the surrounding stock markets are also falling to new highs. But the currency market seems to be lukewarm and not too passionate.

We can see from the chart that I gave a head and shoulder bottom shape at the beginning, which is very similar to the trend of retracement after the March breakthrough. If it does not fall below. The neckline of 25,100 US dollars, theoretically this head and shoulder bottom trend is valid. If you look at the theoretical amplitude of the head and shoulder bottom, the rebound can at least see above 35,000 US dollars.

However, there are many factors that restrict the rebound at present, such as the angle of the moving average. The pressure formed by ma200 is also obvious. This moving average is currently around 31,500 US dollars and is falling at a speed of more than 80 points every 3 days. Of course, ma50 is also accelerating upward, so in the next stage, Bitcoin will run in the angle formed by the two moving averages and finally choose a direction.

Bitcoin is now in a state of shock before breaking through. It is not a good opportunity for left-side trading. You should wait patiently. Good traders do not frequently look for opportunities, but make correct choices at the first time when the trend is formed.