Bitcoin market analysis

Since the price of Bitcoin fell by $10,000, many bullish analysts have slowly turned into bearish ideas during the decline. A friend left a message at the bottom of the video saying that 9 out of 10 analysts are already bearish, so the market is going to rise immediately. His idea is based on the fact that the market will always go in the direction that a few people think. Is this idea correct? When the whole network is bearish, is it an opportunity for the bulls to counterattack?

We look through the angle of the candlestick and the angle of the biggest pain point of futures to see if there is a chance of a wave of bullish counterattack. Remember to watch our entire film for today.

Now for everyone, the time point is the next broadcast time, around 2 o'clock in the afternoon on Thursday. Good afternoon everyone, friends who have not subscribed to our K8 channel, you are welcome to subscribe. Remember that your likes and comments are the biggest support for us. In the past month, 49,000 has fallen, and we have captured this wave perfectly. If you want to review this wave of market, please watch some of our past videos.

At this minute, I will look at some objective data to see if there is a possibility of a rebound at the moment. Bitcoin is trading at around $39,800, with bulls mainly trading up at $39,300 and bears mainly at around $40,500. Bitcoin is trading around $2,200 against the dollar, and the bulls are mainly trading at around $2,190, which is very close to Kazakhstan. As long as it falls a little, it can fully get liquidated the bulls, and the bears mainly burst up to about 2265. If this is the case, will it go down first and then up, less OK.

Then let's return to the technical view, the whole network is bearish, whether the bulls have a chance to carry out a wave of counteroffensive. If you think my video today is a bit slow, you are welcome to click on this one in the lower right corner of the video, and speed up to watch our video, 1.5 times the speed is recommended.

OK we look back at the Bitcoin daily level candlestick, from the top appeared to close the needle, the volume of the needle is a symbol of a false breakthrough, and then the volume fell down and engulfed is to determine the decline. Then we have reminded everyone many times in this position that the closed circle is going down, the closed circle is going down, and then after a consolidation, the second volume is a distribution, further distribution, and 40,000 ships. This Bitcoin, which has never picked up multiple cars, has finally come to a bottom.

So whether it will break the bottom and Rebound, I myself tend to be from Wyckoff's point of view, he is not called a bottom Rebound, but after the bottom is broken, it should rub back and forth about 40,000 US dollars, and then proceed to the next distribution. So if this is the case, is there a chance for a rebound in the short period? From the candlestick perspective, we see the key support market maker area around $40,300, which was rejected last time it went up. So what's the next thing to pay attention to?0.618 This is a large timeframe range, OK.

Pull down from this distribution position, this position has no chance to retrace the entire Bitcoin in a short period of time. 0.618 is about $40,300 for this support Market Maker. If the current market is further down to do a double bottom reversal, then the reversal force is very large, because below is the top of the entire consolidation box, 38,500 is a strong support.

OK When the reverse draws to this position, then everyone will have to see if they can break through, and if they break through, there is a chance to test 0.618, then I am inclined to believe that if you want to cooperate with the biggest pain points and explosive data on Friday, if Bitcoin chooses to break through today or tomorrow, and when the retracement continues to go up, you can have a wave of short-term bullish actions in a short period of time, and the ultimate target point is this 0.618 range.

Then it should be rejected further down at this position, and then it can also create a 0.618 top rejection to continue the next wave of market, the target is 37,000. So the result of our discussion is that according to some fundamental data, if Bitcoin breaks through 40,300 from above the candlestick, it is very likely to test the 41,000 ratio and the above 0.618 area of $41,700.