Let's take a look at today's market analysis. First, we will examine Bitcoin. The current market for Bitcoin is following our analysis from the past few days. Firstly, there is a sign of a double bottom forming at the bottom.
After forming the double bottom, it broke through this point and successfully stood above the previous triangle convergence. Yesterday, we mentioned that we need to pay attention to the pullback. The first pullback is whether it can hold at the 80,000 integer level.
Secondly, in the case of other market conditions, if it breaks down, we need to pay attention to the lower range. Yesterday, it just hit this range, which is also the previous neckline. This is the place where it broke through and pulled back.
The price has once again stood above the triangle convergence, so we need to focus on the range of 80,000 and 81,000. This is a situation of contention between bulls and bears. If the bulls can hold the price above this level, there is a possibility to continue moving upward.
At that time, we should pay attention to the upper range of 83,000-84,000.
If the contention between bulls and bears fails at this point and it cannot hold above, it may consolidate and test the Bitcoin bottom again. We need to focus on this situation.
Currently, as long as the lower double bottom at 74,000 does not break, we can consider trading long around this bottom.
As long as the upper point of 83,000-84,000 is not broken, there is reason to consider short positions after reaching this level.
Another scenario is that the overall upward trend on the 4-hour chart is quite clear. In the short term, we can refer to this 4-hour upward trend for trading. As long as the upward trend is not broken, we can consider going long on a pullback to this trend line.
If it breaks below this trend line, we can consider exiting and observing. This is today's market analysis.
If you feel confused about trading, feel free to follow our public account: KK Strategy
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