Click to watch the video: Bitcoin Market Analysis 2023.12.07

1. Bitcoin:

Bitcoin Daily Chart:

From the daily chart, yesterday closed with a bearish candlestick, and the market fluctuation was not significant. We can see that the market has been continuously rising for 5 days, showing great strength. Currently, the market is likely to consolidate here for a period of time and then continue to rise to test the resistance of the two previous highs. The resistance at 48200 is very strong, and we need to pay close attention to the breakthrough at this level. Similarly, after the consolidation, the market may pull back again to fill the gap.

Bitcoin 4-hour Chart:

Looking at the 4-hour chart, the market consolidated here all day yesterday. As I mentioned yesterday, the 0.382 retracement level of the recent uptrend is at 43330, and yesterday afternoon at 4 o'clock, the market almost reached this level.

Bitcoin 1-hour Chart:

Looking at the 1-hour chart, the market did not reach this level. Currently, the market is clearly in a consolidation range, and we still need to pay attention to the breakthrough below this level. On the upside, we need to focus on the high point as well.

In summary, today's market requires close attention to the breakthrough below 43330 and the breakthrough above 44349.

If there are any aspects of today's market that need to be discussed, feel free to communicate. Thank you.

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