Bitcoin market analysis

Bitcoin prices retreated last night, and the market reached the $1,300 level. Less than 24 hours before the end of the Bitcoin monthly line, is the market brewing the next big market? In Bitcoin at the monthly level, which point is the key support point? If this point is broken, the medium and long term will be pessimistic about the Bitcoin market. In the Technical Analysis video, we will explain this in detail and share the current trading plans for Bitcoin and Ethereum.

The update time is around 12 noon Singapore time on Wednesday, welcome to subscribe to K2 channel, likes and comments are the biggest support for us to produce programs.

Before analyzing the market, it should be noted that at 3 o'clock in the morning today, the Federal Reserve will announce its decision to raise interest rates, and a press conference will be held at 3:30 a.m. Although the market has decided not to raise interest rates, Powell's speech could have a major shock to Bitcoin and financial markets. Therefore, pay attention to the Fluctuation of the Bitcoin market that this moment may bring.

Bitcoin closed at around $42,260 at the monthly level, below which would indicate a break of last month's support. This could lead to deeper backtesting of Bitcoin. It should be noted that the chart at the monthly level shows a doji signal, indicating the possibility of stopping the rally. If the cross-line level ends in this form, you can look back at the past market and find that the Bitcoin price basically has to backtest after the top signal.

Therefore, the monthly level of Bitcoin is worrying. At $49,000, we have cleared the Spot. Although the price has risen high in the short term, from $38,600 to $43,900 last night, the medium- to long-term candlestick needs to be focused. Watch out for the $42,250 level tomorrow morning, and if it breaks, seeing a red K at 3 o'clock could be a warning for the medium to long term.

There has never been a cross-line level in the market state, which is not up or down. If there are 5 consecutive candlesticks, the depth of the retracement may be greater. Be wary that if none of the 5 candlesticks retrace, the depth of the retracement may be greater. It should be noted that the point to backtest when the cross-line level falls is around 42250, and the upper support is 31,800. While this may seem a bit far, the cross-line level analysis looks like this.

In the Bitcoin chart at the daily level, there is indeed a false breakout above $43,600, and there is a market state of large volume closing, which is noteworthy. Yesterday in the Telegram announcement, I mentioned that after the second 2B, the curve of Bitcoin needs to be watched in the short term. If the Bitcoin price bottoms out tonight and then makes a false breakdown reversal on the dotted line, this could be the only trading opportunity that can be bullish in the short term.

In addition, if there is a big yin K directly smashed, the following point may be around 42250 at the cross-line level. If this price is smashed through, you need to look at the 0.618 position of the long-term period. If there is a signal to help the reversal in the 0.618 range, you can cut in at a short-term angle to see if it retraces to a higher point.

It should be reminded that the point that will be backtested is around 42250 when the line crosses the level and falls. If this bite price is smashed through, it is necessary to look at the 0.618 position of the long-term period. If there is a signal to help the reversal in the 0.618 range, you can cut in at a short-term angle to see if it retraces to a higher point. This is a bullish angle.

If you saw the telegram announcement last night and did a second force above, you can eat 1/3 when the false fall is broken, and leave 2/3 to continue to observe whether it continues to fall. The downside target is expected to be around 42,200. It is still necessary to pay attention to whether there will be a Jedi reversal tonight, if so, the short-term can be cut in and slowly bullish. Finally, we remind everyone to pay attention to the trend line, the level of crossing the line and the medium and long-term period to see if there will be a wave of points of needle retraction.