Watch the video: Bitcoin Market Analysis 2024.02.05
BTC Weekly Chart:
Looking at the weekly chart, last week closed with a bullish candle, and the market fluctuation was not significant. The body of this candlestick remained within a certain range. There was no obvious decline or upward trend in the market. Previously, the market was influenced by the positive news of the ETF, reaching a high point, which coincided with the 0.618 retracement resistance of this downward trend. Therefore, I believe that if the market breaks above this high point again and then falls after obtaining liquidity, it would be a good trend.
BTC Daily Chart:
Looking at the daily chart, there were two bearish candles over the weekend, but the market did not show a clear downward trend, instead consolidating here. Let's take a look at the current market volume distribution chart. Currently, the market is supported by the VAL line and has not broken below this line. Therefore, from a short-term perspective, it is worth considering a long position if there are some price actions.
BTC 4-hour Chart:
Looking at the 4-hour chart, I mentioned last week that the appearance of a bearish harami was a bear trap, and the market found support at 42000 and rose again. However, it did not test the previous high points or the position of a parallel top. Therefore, I believe that the high points in the market are very attractive. At the time of the 8 o'clock closing this morning, the market closed with a candle with very long upper and lower shadows, indicating a balance of long and short forces, and the market has completed the retracement of the previous rapid rise. Therefore, we need to pay attention to the trend of futures here.
BTC 1-hour Chart:
Looking at the 1-hour chart, it would be a very good entry opportunity if the market successfully stabilizes around the 0.618 level and shows a trend of higher highs and higher lows.
In summary, today's market needs to focus on the reversal around 42500. If the market successfully reverses and continues to rise, it will test the resistance at 43800 again. Otherwise, if the market falls below this line, we need to pay attention to the support around 41200. At the same time, we need to pay attention to the market trend after the opening of the US stock market tonight.
Feel free to discuss any aspects of today's market. Thank you.
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