As the market fluctuates, every key moment in trading can be a turning point that determines success or failure. In the medium to long-term trend of Bitcoin, the 30-week moving average undoubtedly plays a crucial role. Today, let's use technical analysis to gain an in-depth understanding of Bitcoin's trend and focus on analyzing some key technical signals and risks.
30-week Moving Average: "Lifeline" of Bitcoin
In July 2023, Bitcoin first fell below the 30-week moving average, a technical signal indicating a turning point in the market. Despite repeated attempts to regain lost ground in the following months, the breach of the 30-week moving average still revealed a medium to long-term weak market trend.
The 30-week moving average represents the direction of the medium to long-term market trend. Once breached, the market may enter a weak or consolidating state. At this point, investors need to be more cautious as the likelihood of further price declines increases. The 30-week moving average can be considered the "lifeline" at the weekly level, and when the 5-week moving average starts to cross below the 30-week moving average, the market enters a typical "death cross" pattern, further confirming the risk of continued price decline.
Today's Turning Point: Technical Analysis of Gann Angle Lines
Today, September 7th, is another important market turning point to pay attention to. According to the analysis of Gann angle lines, Bitcoin fell below the key support line of 1:1 at the daily level compared to the previous day's closing, with an intraday fluctuation of 7.94%. Gann angle lines are a tool used to determine price trend targets, and this breach implies that the market may continue to decline after a minor rebound.
The 1:1 line, like the dividing line between bull and bear markets, once effectively breached, the market will enter a new weak range. Currently, the price of Bitcoin is around $53,800, and the first short-term support level is below the lower channel line at $51,500. If this support is not held, Bitcoin may continue to test the next support area, around $45,000, the extended line of the channel.
Market Forecast and Operational Suggestions
In such a critical market environment, it is unwise to predict future price movements. The uncertainty of the market is its inherent nature, so traders should avoid subjective predictions and instead follow the trend and manage risks. In the current trend, the risks in the market may be greater than the opportunities, so it is reasonable to remain cautious and patiently wait for a better buying opportunity.
As advocated by Gann: "Go with the flow." The market's direction is not subject to individual will. As traders, we need to respect the changes in the market, stay grounded, and go with the flow.
Seeking Opportunities in an Uncertain Market
The future trend of Bitcoin is full of uncertainty, but through technical analysis, we can find trading opportunities and risk management strategies at key turning points. In the coming days, the market trend may further validate our predictions of support and resistance levels. Whether it continues to decline or sees a rebound, we need to face the market with a calm mindset and trade rationally.
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