Bitcoin Ancient Weekly Chart

Today's Analysis of the News

The overall direction of Bitcoin remains unchanged; although the SEC has postponed the decision on the ETF, the ETF resolution may be announced no later than the first quarter of 2024; the current market still maintains consolidation around $37,000; the big picture of Bitcoin is as shown in the above chart; breaking through $38,000 is a matter of time, and there is currently a risk of a short-term pullback to gather momentum; as shown in the chart below👇

Bitcoin Daily Chart

There are three trends on the Bitcoin daily chart; from a technical analysis perspective,

Currently gathering momentum around $37,000, the daily chart MACD shows a bearish divergence, preventing a divergence market,

Short-selling plan 1; as shown in the yellow route, if the market reaches near the previous high of $38,500 and then falls back to test without breaking through, it should enter a small short position with low leverage to prevent a divergence market;

Long position plan; if there is a pullback near $36,500 during the day, and signs of stabilization appear, enter a long position after a 2B bullish engulfing pattern; the position for adding to the long position is to wait for a breakthrough at $38,500 in the yellow route and then add to the position if it does not fall back;

If the market follows the green route and gradually falls below the key level of $36,000; it indicates that the market has returned to the range of $32,000 to $36,000 for consolidation;

In summary; the current market is consolidating around $37,000, and Bitcoin will likely choose a direction within this week; and a large candlestick is about to appear on the daily chart; it is hoped that Bitcoin will break through $38,000 and open up upward space not too far away;

If it really returns to the range of $32,000 to $36,000 for consolidation, the overall big picture has not changed, it is still an upward market, and as the saying goes, a breakthrough is a matter of time; do not be anxious, if it really falls back, the spot ammunition should be used up; wait patiently for profits; contract players should pay attention to the formation combinations at the above positions, appropriately reduce leverage, and participate with a stable stop-loss;

Please refer to the long-term chart in Figure 1, the overall big picture has already advanced to the third stage, and it is just a matter of time to see if the bottom is reached, but in terms of the current price, it is not the end point of this round of the market;

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