Hello everyone, I am a market novice. Let’s analyze the market together. When everyone adds fuel, the flames rise high.
Without further ado, let's look at the weekly level first.
Last week, we continued to harvest a negative line, and both the upper and lower leads were long negative line structures, indicating that there was strong resistance at the top of 72890 last week, and then there was strong support at the bottom of 59650, but overall, it was still a strong performance of the bears.
The volume is a 1/4 increment, which should be visible to those who watched the market every day last week. The decline occurred on Friday and Saturday last week. And the volume gradually increased. Such a K-line appears at the top, which is indeed not a good signal. So is the market going down? I personally remain optimistic. Why? I marked two price lines, and we can see that. Last week, the short side only tested the 60972 position again, and then there was a good continuation. Since it did not fall below, we should pay attention to this support level this week to see if it will test this support again. When it tests this position again, then pay attention to whether it is a trap to sell. Another price line is 59000. This line is also a top support line. If the price does not come below 60972, then don't look at it. If it really tests this position, then pay attention to whether it will test the support level of 59000.
Okay. This is a weekly chart. It is indeed not a good price to trade. I think we should wait and see what happens this week before deciding how to trade. The market is volatile, so please protect your principal.
Let’s look at the daily level.
At the daily level, it seems clearer. It can be seen that after Bitcoin reached the high point of 73777, it did not fall below. I drew a rectangle, and the price also fluctuated within this rectangular frame. So today, or this week, will it continue to break down? From this level, the rebound yesterday on Sunday was indeed not that strong, but fortunately, there are many parties at the bottom, so the performance of the K line is a positive line with a long lower lead. This is another good phenomenon. Then we continue to observe today's trend, and the market will become clearer and clearer. At this level, I am still optimistic.
Continue to look at the 4-hour level
At the small level, we draw the golden ratio, which is very clear. There is a rebound at the bottom of the price 60660. After breaking through the weak resistance of 0.382, there is a trend of continuing to explore. From the current performance, it can be seen that the rebound is weak. The price may continue to go down. But at the bottom you can see that the price line is gradually rising. Then it is particularly important to find an accurate support point. We need to keep an eye on whether the weak resistance of 0.382 will be broken in the future. If so, I will still remain optimistic.
1 hour level
This level is actually not very meaningful. With the support from the bottom, the price has come all the way to 65800. There is resistance at this position. You only need to pay attention to the price line of 65800-66000. If it breaks through, then it can be said that the rebound is still good. If it keeps testing this range, you have to be careful. At this level, you only need to pay attention to 65800-66000. There is no other suggestion.
In summary, if you want to get on board, you still need to bear great risks. Especially for those who did not buy when the market fell, it is really hard to get on board now, after all, the decline occurred at 4 am. Such a good opportunity to get on board appeared at a bad time.
OK. That's it for today's analysis. Overall, I am very optimistic. Although it has retreated, it has not broken, let alone panic.
2024/4/15 13:45
