Last night, BTC reached a low of 115678. The retracement that started from 123300 has perfectly confirmed my prediction made since the 12th. A profit of nearly 6000 points has been gained again.
During this period, I have repeatedly emphasized that a retracement does not mean a trend reversal. If the price falls to the range of 115000-116000, it is still safe to go long boldly, and the current price has rebounded to 119299.
In fact, the daily fluctuations are quite large now. As long as you maintain rational trading without being influenced by emotions and patiently wait for the right opportunity to enter the market, the potential gains will still be significant.
Market Analysis
4h
Today, I will focus on my personal view of the current 4h trend. This 4h upward trend that started from 98115 on June 23 of this year is still relatively strong as shown in the chart.
Whether this current 4h upward trend has ended is still uncertain. If the price breaks below 115000 in the short term, it is likely that the upward trend has ended, and the price will continue to retrace to 110000 or even below (108500) as indicated by the red arrow.
If this 4h upward trend shows strong performance, the 1h movement in between should follow the path indicated by the black arrow, rapidly breaking 120600 without falling below 115000. Therefore, this 4h upward trend may continue upward, and you can focus on the range of 125000-130000.
Short-term
15m
Currently, it is not easy to determine the direction of the 15m level, which seems to be constructing a middle track. Therefore, we can only continue to pay attention to resistance and support levels. If the price can break through 119300 with volume, it may continue to test the resistance near 120600 from midnight to tomorrow afternoon. However, if it turns back at 119300, we should continue to focus on the area near 117000.
