Unconsciously, Bitcoin has sailed past numerous mountains and arrived near 52000. 2023 passed quickly, and it was a joyful year, spent playing mahjong. In the new year, I wish all coin friends to earn more money and live happier lives. Coin friends, the long-awaited 2024 has arrived. Recently, everyone in the circle has been discussing when Bitcoin will pull back, or if there will be a half-price event like a black swan. Such topics are the most discussed among everyone. I want to say that we still should not speculate on the top and bottom. Everything depends on price action, just as mentioned in the analysis in the previous article on January 27th: "As long as 40200 is broken, any large bullish candle that returns to 40200 will bring the Spring Festival market." This is the dominance of price action and the behavior of buyers and sellers determining the price.

Bitcoin weekly level

As expected, the previous consolidation area on the Bitcoin weekly level, as mentioned in the article on January 27th, has kept the price above the white line, and there will be another market before the Spring Festival. The long-awaited Spring Festival market has now reached near 52000. See the previous article analysis in the image below:

We may miss the past market, but we need to understand the principles of this market. Such price actions occur in every period, from the weekly level to the 15-minute level. Hunting for liquidity is a necessary event for the big to eat the small in the coin circle. The previous 40200 was a hunting for liquidity behavior at the weekly level.

Key focus on weekly resistance;

Will CME's gap at 53545 show weakness?

In the futures market, the thin volume left by the rapid decline from the previous bull to bear market overlaps with the large cycle's magical Fibonacci number 0.707 near 53545. This area needs attention for its pattern change. Currently, Bitcoin's daily level has also shown a consolidation area without any signs of weakness. If it stabilizes above 53545, the upward target can be around 57500. However, more data is needed for analysis. Any analysis must be based on price action, and we cannot just speculate. We can only find positions where potential price action may occur and wait to enter or exit. We should not make any unreasonable guesses.

1-hour level

The big cake reminded in a video the day before yesterday that filling the gap is not a position to chase short. On the contrary, returning to the previous low is a position to open long. Currently, with a rebound of over $1000, it is not a good idea to chase the rise at the current position, as the risk-reward ratio is not very favorable. Because the previous high already has liquidity and is also one of the short-term targets. If there is no sign of weakness in the previous high, the second target is near the previously mentioned 0.707. For those without positions, they can only wait for an opportunity to see if they can place a retracement order.

About spot trading

eth/BTC

Regarding the altcoin season that everyone is concerned about, personally, I think that as long as the exchange rate of the big cake stabilizes above 51000, then in the next 1-2 weeks, with the rebound of the exchange rate, Ethereum will lead the altcoins in a market, just as previously reminded in the VIP group that when Bitcoin's ETF was approved, only Ethereum's ETF was left to be hyped. All Ethereum-related coins will see a substantial increase. Ethereum has been languishing recently because the exchange rate has been filling the gap left on the weekly level. Today, we can see that Ethereum has approached around 2900, bringing substantial profits to the spot positions that the "big group" friends have set up recently.

FET

Fetch.ai is a decentralized machine learning platform suitable for applications such as asset trading, gig economy work, and energy grid optimization. It helps Uniswap users automatically trade based on predefined conditions. Although it is a new coin, it fits technical analysis. Falling below and reclaiming it will lead to a 70% surge.

AR

AR, like FIL, is also a storage token. Both were laid out on the same day, and currently, AR has a maximum profit of 65%.

FIL currently has a profit of 40%

In the recent period, there have been frequent outbreaks of short-term cryptocurrencies. RUNE has a profit of 70%, ADA has a profit of 40%, FIL has a profit of 40%, AR has a profit of 65%, and FET has a profit of 70%. New cryptocurrencies are being laid out again. Seize this round of the altcoin season. More layouts will be in the "big group."

Additionally, a high-quality circle has been created.

Spot trading, focusing on primary market potential coins

If you want to know more, remember to follow me.

More specific layouts will be arranged in the free communication group. Interested partners can follow me.

A high-quality circle has been created.

I will share some content, as shown in the following image:

Overall position ≥ 10,000u. If you want to join, remember to follow. (If you don't have it, you can also send a private message. If you pass the screening, you can join.) Purpose: to become bigger and stronger, and create brilliance in the next bull market!

The article ends here. I will do more detailed analysis in the communication group. If you want to join my circle, please follow directly.

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