The previous article mainly discussed my views on ETH (Qingmei Stewed Coin: Analysis of ETH's Structure and Possible Price Levels), this article will talk about BTC, let's first look at the chart.
In logarithmic coordinates, the upper side of the market is the downward trend line, and the lower side is the upward trend line. The market is oscillating between the two trend lines, with increasingly narrow space, leaving little time for the bulls.
For the bulls to move upwards, they must first break through the downward trend line with increased volume. The current position of the trend line is around $87,700, which coincides with the chip pressure level. However, breaking through the trend line is not enough; the market needs to stay above $91,000 for the bulls to gain an advantage.
Currently, the market's support is $80,000 - $81,250. This range is an important support zone that emerged from the rebound at $76,600. If it breaks below this, it would mean breaking the upward trend line, and the probability of $76,600 serving as a bottom would decrease.
If $76,600 cannot hold, support will shift down to the historical support zone of $69,000 - $74,000 (the white box in the chart), which is another area where one can accumulate positions on dips and bet on rebounds.
Tonight there will be non-farm payroll and unemployment rate data, which may have an impact on the current market direction.
The suggestions given in the group this morning are as follows:
