$BTC Weekend Market Analysis: Has the Bull Market Completely Collapsed?
Hello B friends, I am the Chief. I believe the bulls have been quite anxious lately, so I'm here to provide some psychological comfort.
Last night, I mentioned the 4-hour Vegas channel support, which seems to be having some effect as a bottom model has formed within the channel. If we can recover back to 118000 in the next 4 hours, this aligns with the Dow Theory's 2B rule, indicating a potential trend reversal, i.e., a false breakdown followed by a recovery. This kind of movement is often used by the market makers to trigger your stop losses and create a sense of panic.
Additionally, 116700 is the support level of the weekly K-axis. If we do not break below 116700 again, there is a possibility for a successful second test.
If we manage to stay above 118000, it would indicate that the support at 116700 on the weekly K-axis is very effective, and we should at least look towards the 121000 area on the 4-hour chart. Therefore, this weekend may still see market activity, so we should pay close attention to the reactions at key levels.
In essence, aim to make right-side chasing operations: short if it breaks below 116700, and go long if it breaks and holds above 118000, while trying to avoid overthinking. The various tactics employed by market makers in recent months clearly indicate they do not want you to make big gains! Given this, we shouldn't overthink either; just play it casually.
