Watch the video: Bitcoin Market Analysis 2024.03.14

BTC Daily Chart:

From the daily chart, yesterday closed with a bullish candle, and the market continued to develop upwards. This is because the day before yesterday, there was a long shadow bearish candle, which indeed triggered some long positions to stop loss. Yesterday, this bullish candle once again set a new historical high for Bitcoin.

BTC 4-hour Chart:

Looking at the 4-hour chart, the market once again experienced a false breakout yesterday, followed by a pullback before rising again. This action is exactly the same as the market behavior the night before yesterday. The night before yesterday, the market also experienced a false breakout to the upside, causing some to chase long positions, and then the market fell back, trapping all the long positions and using their stop losses as fuel to drive a round of retracement. However, the pullback last night was not as significant as the one before yesterday. Because such a trend had just occurred, there were fewer people entering breakout positions last night, resulting in insufficient fuel for the market to fall. We can also see from the trading volume that the volume of chasing long positions last night was less than the night before yesterday.

BTC 1-hour Chart:

Looking at the 1-hour chart, the market broke through the previous natural rebound high, gained liquidity, and then rose again. Currently, this upward movement has not yet surpassed the previous high. Therefore, if the market falls again, I will pay close attention to the price behavior of the previous consolidation range.

In summary, for today's market, it is important to focus on the price behavior in the range of 71100-70900. If the market falls to this range and is supported before rising again, it will be a good opportunity to enter long positions.

Feel free to discuss any aspects of today's market. Thank you.

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