Watch the video: Bitcoin Market Analysis 2024.01.30
BTC Daily Chart:
From the daily chart, yesterday closed with a bullish candle. Therefore, we need to pay attention to the future market situation, particularly the rapid decline in the candlestick within this range and the volume distribution at the VAL line, which is approximately around 44800. It is crucial to focus on the price behavior at this line.
BTC 4-hour Chart:
From the 4-hour chart, as I mentioned yesterday, we need to pay close attention to the support situation within this long and short turnover area. Looking at it now, the market has found support here and continued to rise. Therefore, the first take-profit point for our previous long position is at this high point. When the 4-hour candlestick closed at 12 o'clock this morning, the market did not quickly fall back from this point. I believe that the suppression at this line is not strong, and the market is likely to consolidate here for a period of time to test the resistance around 44800 that I mentioned earlier.
BTC 1-hour Chart:
From the 1-hour chart, although the market is currently being resisted at this line, there is no obvious sign of a weakening trend. Therefore, we should pay attention to the volume distribution of this trend and the position of the VAL line ahead. Because these two candlesticks rose rapidly last night, there is a gap here. If the market comes down to fill this gap, reaches the VAL line, finds support, and rises again, it can be added to the position. Otherwise, if the market falls again and breaks below the POC line, a trend reversal will occur, and this round of bullish market may end. However, I believe that the possibility of the market breaking below the POC line is small.
In summary, for today's market, it is crucial to focus on the breakthrough at 44800 and observe the price behavior at this line in order to make decisions on exiting long positions or continuing to hold.
If there is anything about today's market that needs to be discussed, feel free to communicate. Thank you.
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