[OKEx Market: Support of $7,000 is still valid, short-term consolidation trend may continue of BTC. Focusing on the strength of resistance of $7,700]
BTC: OKEx Spot Price: $7374(-0.29%)
OKEX Futures and Swap 24-Hr Volume: $2.48Billion
Although BTC repeatedly tested the bottom and top space in stages last weekend but failed to break the shock. The current price is moving between $7,050 ~ $7,500.
OKEx analyst Neo believes that the price rebounded quickly after touching the area above $ 7,000 over the weekend, and the support strength at this position was further consolidated. Hour-level rebound went back around $7,300 immediately, after several hours of consolidating, price tested the resistance area of $7,500-$7,500 again then encountered short selling pressure, this bottoming rebound then pressured on key resistance levels verified that the long and short forces are tending to balance, short-term shock trend is difficult to break. Thus, the risk of opening a position in such areas is high, it is recommended that high-frequency traders can set the position near the strong support or resistance level at 4-Hr or Daily level.
Among altcoins, the 4-Hr level of ETH has run to a crucial position as $135 is the double bottom neckline of this level, but it must be emphasized that it is not possible to continue to be bullish if just break this position due to strong resistance of MA (200) which is not far from $135, if breakthrough it and callback can stand above this level moving average, it is a safe bullish signal. EOS is stronger than ETH, at the weekend, it broke through the resistance levels of $2.56 and $2.65. It is temporarily consolidated around $2.7, and can be seen to $2.8 if break through $2.7.
OKB/USD is reporting at $2.69(2.11%).
Note: Opening time is based on 00:00, Hong Kong time
Disclaimer: Trading has risk, investment needs to be cautious.