Friday, Bitcoin Trend Analysis

Bitcoin's price has been moving in a small one-way trend during this time, rising without looking back and dropping in the same way. As I mentioned earlier, it’s a monkey market. Up and down. Such trends are a blessing for many retail investors. Everyone has a chance as long as position management is appropriate; even if one gets stuck, it's just temporary.

On the weekly chart, it still stands above the middle track; as long as it does not break below the middle track, the bullish sentiment remains. The daily chart also shows a bullish trend. Do not be fooled by the current market retreat, as the rise during this period has been quite significant, and there has basically been no pullback during the upward process. Therefore, this retracement is just a normal pullback in the upward process to establish a bottom.

On the four-hour chart, it now touches the lower track support; thus, the emphasis should be on going long. After all, no one can chase the shorts by pulling back to support, as I just mentioned, do not chase the rise or fall.

Hence, for the intraday pullback in the 79200-78800 area, look to buy in batches, with a short-term target of 80500, and if it breaks, look around 82000.

Follow the public account, how to relieve worries, only Jiang Wei, a treasure analysis blogger with high emotional value, sharing trading education for free, bringing stable strength and clear guidance in the restless trading market, traversing three rounds of bull and bear markets and years of trading experience, proficient in naked K, trends, Dow theory, Gann, harmonics, Chande theory, Elliott wave theory, etc., gathering unique insights.

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