Market Analysis on the 6th

——————

BTC Perspective

The general direction now is a rebound triggered by the 2-day line returning to the 0 axis, and the situation is divided into two types: effective rebound or ineffective rebound!

An effective rebound is when the price breaks through the historical high and digests all the top divergences in the cycles, showing height and strength. Obviously, this situation will not happen.

Ineffective rebounds have two types: whether or not to break the new high.

If it breaks the new high at 119850, it will still drop back, which is a key short point.

After breaking, a reference range is approximately between 113500-114900, and breaking is still for the purpose of dropping.

If it does not break the new high, the critical pressure is around the slope trend line, near 109200! Then we will see if it continues to rise, paying close attention to the small-level strength!

Currently, on a small level, both the 1 and 2-hour charts have already retraced to the 52 moving average, and rebounds have occurred, marking it as an ineffective rebound.

Now the 3 and 4-hour MACD is slowly returning to the 0 axis, with the price above the 24 moving average, indicating a strong market. We should focus on the price of the 3 and 4-hour EMA 52 moving average, roughly in the range of 105500-106000, to prevent a sharp drop before the rise, and this position is also a reference. Additionally, as long as it does not drop below 105000, the 4-hour will continue to rebound.

The chart below is the 15-day cycle chart of BTC, where the MACD divergence can be seen, along with the current weekly chart. Whether or not it breaks the new high, the weekly will still show top divergence, which indicates the risk of the larger cycle.