Over the weekend, the trend in the currency circle was mainly a rebound, which is in line with the expectation of a three-buy pattern on the 4-hour level for Bitcoin and Ethereum from last week. Bitcoin has rebounded to 67,000 points, and Ethereum has rebounded to 3,450.
On Saturday morning, when Bitcoin oscillated and pulled back to 63,000 points, this account clearly indicated in the community the opportunity to get on board with a 30-minute two-buy pattern on the right side of the 4-hour level. This opportunity has now been perfectly realized.
From the strength of the rebound, although the trading volume was not too large over the weekend, the appearance of the 30-minute two-buy pattern has basically reversed the previous downtrend. At the most panicked moment in the market, this community first suggested bottom fishing near 61,000, and the second time was on Saturday morning. Once again, the Chande interpretation of the trading point theorem is expounded: buying points always appear in the panic decline, and selling points always occur during the crazy rise! The correct operating rhythm is to look for buying points to get on board during the decline, and to find selling points to reduce positions during the rise. For most market participants who are controlled by the human weaknesses of fear and greed, the operating rhythm is often the opposite, and chasing the rise and killing the decline becomes the norm. This is also the fundamental reason for the 80/20 rule in the trading market.
Returning to the current market situation, the three-buy pattern on the 4-hour level has been basically confirmed after the appearance of the two-buy pattern. The MACD is about to cross above the zero axis, indicating that the bulls will regain the advantage in the short term. From the perspective of the 4-hour level, the strength of the breakthrough after the three-buy pattern appears is particularly important. This account believes that there is a high probability that the trend will break through the high point of 73,777 and then construct another bull trap, followed by another counterattack. There will be a new downward pullback on the 4-hour level, or even grow into a downward pullback on the daily level, which deserves high attention!
Therefore, when the position for short-term bottom fishing appears, it is necessary to timely reduce the position in batches when the secondary selling point appears. Although it is impossible to accurately predict where the breakthrough will extend to, selling more as it rises is the correct rhythm. Of course, reducing the position here refers to short-term positions, and long-term low-cost positions can be ignored.
Looking at the short-term 30-minute chart, the current trend is the upward segment of the 30-minute two-buy pattern. There was still some resistance before the rebound to the previous high point of 68,240. The chart provides the most probable trend: after the end of the upward segment of the two-buy pattern, it will continue to oscillate and move towards a downward pullback segment, and then the third buying point of the central segment will break through upwards.
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