Analysis of the market on April 20th: The rebound of Bitcoin on the 4-hour timeframe is still ongoing. Short-term patience is required.

CN
1 year ago

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Bitcoin completed the halving of the remaining mining rewards at around 8 am today, and the performance today was better than expected, with no significant sharp fluctuations. The market mainly leaned towards oscillation today. After a sharp rise to around 65450 following a dip to 59600 yesterday, Bitcoin has since retraced and continues to oscillate around 63000-64000.

The current market trend continues to be bullish, with an expected rebound to 69000 at the 4-hour level. Whether it can reach above 70500 remains to be seen. As for the current short-term market situation, it aligns with what was mentioned in the article on April 18th. Generally, the initial strength of a 4-hour or daily rebound is relatively weak, with repeated oscillations making it feel like it won't rise, and there's a constant feeling of another retest of the bottom. However, it usually ends up rising directly after some patience. So, it's better to wait patiently and not be hasty.

BTC

Due to the rapid changes in the market, the article can only make predictions based on the market changes at the time of publication. Short-term players should pay attention to the latest market changes and use the information as a reference only.

1H:

At the 1-hour level, Bitcoin has not yet completed the first wave of the 4-hour level rebound at the 1-hour level. The structure of the 1-hour level rebound is still incomplete, and it is currently stuck in oscillation around 63000-64500. Continuation of the observation is advised. Overall, as long as it does not fall below 61800, the expectation is for a 1-hour level rebound to reach around 66000-67000. After the completion of the first wave of the 1-hour level rebound, there will be a second wave of 1-hour level pullback and a third wave of 1-hour level rebound, as indicated by the white arrows above. The overall 4-hour level rebound is expected to take more than a week.

15M:

At the 15-minute level, it has only completed the first wave of the 15-minute level rebound and has since been oscillating. Based on the oscillation of the 15-minute level center, it is expected to continue oscillating before making another 15-minute level rebound to around 66000-67000, as long as it does not fall below 61800.

ETH

Ethereum is currently being viewed as a 4-hour level rebound, with a target around 3500-3700. If it shows strong momentum and breaks through 3750, the focus will shift to the daily level.

At the 15-minute level, the first wave of the 1-hour level rise has not been completed yet. It is currently consolidating at a 15-minute level center, and there is still a wave of upward movement to come. Pay attention to whether the 1-hour rebound can reach around 3200-3250. Overall, as long as it stays above 2950, there is still a good chance for the 4-hour rebound to proceed smoothly.

Trend Direction

Weekly Level: Upward, currently continuing the rebound from 15476. Pay attention to the subsequent daily level situation to determine when it will end.

Daily Level: Upward, there is a certain probability that the daily level pullback has ended, but it cannot be confirmed at the moment. It will depend on the strength of the 4-hour level rebound in the near term.

4-hour Level: Upward, about to start a 4-hour level rebound. Whether it can break through 70500 will be the observation point for the daily level structure.

1-hour Level: Upward, as long as it stays above 61800, there is a chance to reach around 66000-67000.

15-minute Level: Consolidating, currently in continuous oscillation. After consolidating at a 15-minute level center, there is still a chance for another 15-minute rebound to go above 65000.

Feel free to follow my public account for discussions and exchanges:

The article is time-sensitive, so be mindful of the risks. The above is only personal advice and is for reference only!

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