Yesterday, BTC hit a high of 96794.6 points and closed at 95391.5 points, with an amplitude of 1.52% and a drop of 1.20%. Yesterday, the market was mainly down, with the closing price below the 5-day line. In the medium and long term, the bears are dominant. As of the time of the release, there are 48 rising projects and 501 falling projects. The overall market is very weak.
Last Friday, it was analyzed that Bitcoin stood firm at 9w8. Once the evening market continued to rise along the 5-day moving average of the 4h, it could break through 10w at any time, with the upper resistance level near 105,000. Then the highest point on Friday was near 99,400 points, and it did not break through the 10w integer mark. Then, an unexpected incident occurred on Friday night: the ether in a cold wallet of an exchange was stolen by hackers, which caused panic in the market and caused the market to turn sharply downward. This was unexpected and caused the market structure to deteriorate. Therefore, the Bitcoin market returned to fluctuate around 9w6 again. This position has been fluctuating for three weeks, which is very consuming of trading patience. However, Ethereum took a V-shaped reversal and a door-drawing market, which is also difficult to predict. This is the market uncertainty, and explosive news may appear at any time.
30-minute candlestick chart
From today's overall trend, the market for Bitcoin is in a tug-of-war between bulls and bears without a clear outcome. As of the release, Bitcoin is below 96,100 points, and it continues to drop below the 233 moving average on the 30-minute chart. However, there is a divergence in the consolidation above the 30-minute chart, so we need to observe the strength of this rebound. If it breaks above that moving average again, then the upward trend might resume. After three weeks of sideways consolidation, the market has yet to determine a direction, so there is a high probability that a direction will emerge this week. Meanwhile, tonight's 4-hour candlestick is also very critical. My personal opinion: For Bitcoin to reverse and rise, it needs to break above the 144 moving average on the 4-hour chart or the 233 moving average on the 30-minute chart. We must also be cautious of a sudden downward turn in the market.
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