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Pal Daily Market Morning Report—— #BTC 2.19

News Highlights:

1. Federal Reserve's Daly believes cryptocurrencies are an emerging industry that needs to encourage innovation. 2. The Salvadoran government continues to increase its Bitcoin holdings, currently holding 6,081 BTC.

3. OKX has obtained the MiCA license and can operate legally in Europe.

4. Coinbase has launched Solana and Hedera futures contracts, compliant with CFTC regulations.

Daily Chart

1) Taking February 3rd K-line as the range, this is basically the high and low point of February, the current market is oscillating around Eq 970.

Watch the accumulation here; if it maintains an upward oscillation above eq, there is a chance to raid bsl, looking at 103.

But if it oscillates below eq, then continue to pay attention to the downward raid testing 91 and 89.

2) A raid has already been made on the liquidity at 94; if it continues to break below 94, then it will further move down. Currently, the downward trend is still in effect, and focus on the testing of the 912 range—L and 89 ssl below.

If 94 does not break, then it will continue to oscillate, but long positions must be cautious, as making long trades in this market is merely betting on a rebound; the trend is downward.

H1 Chart

1) Downward trend, EQL + ML and 94 positions eql + pwl have already completed the raid; currently, it is just a rebound, unable to stabilize at 968, still in a downward trend.

Continue to look at the testing of range-l 912 below.

2) The rebound here can only be a bet; I do not recommend making trades at the moment. If it can break upwards and stabilize at 968, then we can continue to expect a test near 988 pwh, but the distribution still presents short opportunities. Moreover, I would prefer a rejection here.

If it comes back down and returns to 94, if it stabilizes and oscillates, there is a certain probability of moving upward, but the rebound can only continue to look at the testing of range—Eq 968 position.

3) It is recommended to be cautious with long positions; primarily focus on shorting during the rebound.