Watch the video: Bitcoin market analysis 2024.01.31

BTC Daily Chart:

From the daily chart, yesterday closed with a bearish candle, and the market fluctuation was not significant. The market first faked a breakthrough of the previous high point I mentioned and then fell back. As I mentioned before, the first take-profit level for long positions at this point is this line. Currently, as the market faked a breakthrough of this line and did not quickly fall back, I believe that the possibility of the market directly declining here and ending this round of rebound is not high. Therefore, we need to focus on the price behavior at this line. If the market continues to rise, fakes a breakthrough of this line, and quickly falls back, all my long positions entered here will be closed with profit-taking. Otherwise, if the market reaches the 0.618 position without quickly falling back and instead consolidates here again, I believe the market will test the previous high point again, reaching around 50,000. Then, our long positions can continue to hold.

BTC 4h Chart:

From the 4-hour chart, the market has faked a breakthrough of the previous high point twice, but currently has not quickly retraced. Therefore, we need to pay attention to the 0.618 retracement level of this upward trend. If the market finds support here, it will rise again to test the resistance at 44,800 as I mentioned yesterday, and the 45,000 level I just mentioned. Otherwise, if the market falls below this line, we need to pay attention to the support at 42,000.

BTC 1h Chart:

From the 1-hour chart, the volume distribution chart of this trend that I mentioned yesterday, the VAL line position, has not been reached yet. Therefore, we still need to pay attention to the support at this line. If the market finds support here, long positions can continue to add to their positions, and those who have not entered the market can also do so. Otherwise, if the market falls below this line, some of my previously entered long positions may need to be closed with profit-taking.

In summary, for today's market, it is important to focus on the support at 42,500 and 42,300 below, and the breakthrough at 45,000 above. If the market finds support, long positions can be added, and the breakthrough at 45,000 should be observed.

Feel free to discuss any aspects of today's market. Thank you.

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