Watch the video: Bitcoin Market Analysis 2024.01.05
BTC Daily Chart:
From the daily chart, yesterday closed with a bullish candle, breaking through a previous high before retracing. If the price continues to rise and then falls back after a false breakthrough of the previous high, I believe it would be a very good shorting point. If the market falls back, breaking through the previous low and reaching 40000, or retracing to the lower trend line, it would be a very good long position. Before the approval result of the Bitcoin spot ETF is announced, if the price consolidates between 42000-40000, I believe it would be a very good trend.
BTC 4-hour Chart:
From the 4-hour chart, the market forcefully broke through the 43500 line yesterday, turning this line from a previous resistance to a current support. We need to pay attention to the price behavior at this line. This morning, the price fell below this line, but the solid part of the candle is still above this line, which is still a relatively bullish trend. We need to pay attention to the Point of Control (POC) position above the market, which is roughly around 45300. If the price falsely breaks through the POC position and then falls back, it would be a very good shorting opportunity.
BTC 1-hour Chart:
From the 1-hour chart, the current market is supported by the 0.382 Fibonacci retracement of a downward trend. At this position, it does feel a bit uncertain. If it continues to fluctuate here, there won't be many trading opportunities. We can wait and see if there are other price behaviors when the US stock market opens tonight.
In summary, today's market needs to focus on the price behavior at the 43500 line.
Feel free to discuss any aspects of today's market. Thank you.
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