Rebound strength does not represent the formation of the bottom

Yesterday, I explained the trend of bitcoin with the method of drawing lines with double tops, and predicted the trend. However, the prediction does not represent strategy, our trading is completed by strategy, and the prediction is an effective reference. I have emphasized this many times in this article.

Today we analyze the current trend from another Angle. First of all, the form of this adjustment is composed of two heads, thus forming a channel. At present, we see that the role of the channel is very complete, the rebound brought by the fall is subject to the middle track today, whether the breakthrough will determine the rate of decline.

And we also see the upper edge of the box on the left to form a supporting role, such a superposition is very effective. So earlier I gave a support level between 9200 and 9500 to adjust, which will induce a rebound. You can see the clearing paper on the way down. I judged that the ma72 is a long position to defend. What I said at the time was this: the other possible support position for the bulls was the ma72, which is around $9,200, where the abcde should be at the end of the c wave and where the bulls could play in this area to confirm the final direction.At present, there is a rebound here, although the strength is very large, but still rebound, before the formation of the bottom line signal, we have no reason to believe that this is a successful bottoming, all the left side of the forecast, need the right side of the confirmation. Therefore, we need more evidence to prove the success of bottoming, which is very rigorous for trading, because the market is too volatile, so any arbitrary decision may bring irreparable losses.