According to the old rules, let's first review the market situation. In the early morning, the major cryptocurrency contended around the integer level of 87000, continuing to digest the rebound strength from the weekend. Around six o'clock, it reached about 88100 at #BTC☀ , then began to pull back, with a bottom around 85900. Overall, it continued to oscillate within a narrow range of 8600-8800. From the minute chart, it has formed a period of triangular convergence.
Now let's look at the moving averages. First, remember that a reduction in volume will inevitably lead to a rebound. Testing the moving averages upwards will face two levels of pressure, with the MA7 daily line around 8700 and the EMA7 daily line around 8810. The battle for the 400-point pressure zone will determine the market's direction moving from four down to seven. The 15-minute Bollinger Bands are operating between the middle and lower bands. The volume and price around 8680 are still in a state of reduced acceleration, with bearish strength not being fully released.
Finally, let's talk about the short term.
The major cryptocurrency around 86500 is bullish, targeting 8800.
The secondary cryptocurrency around 2825 is also bullish, targeting 2900.
In the near future, there are divergences in the market. We never know when the main force will shuffle through news, so we can only maintain good profit-taking and defensive conservative operations.
