Watch the video: Bitcoin market analysis 2024.02.07

BTC Daily Chart:

From the daily chart, yesterday closed with a bullish candle, but there was obviously a lack of upward momentum as the trading volume decreased. Therefore, I will pay close attention to the distribution of trading volume in this area, especially the VAH line. When the market falls to this line, I will be very attentive. If the market finds support and rebounds, it will be a very good opportunity for long positions.

BTC 4-hour Chart:

Looking at the 4-hour chart, the market is consolidating within a range. Last night, four candles formed a shooting star pattern, but this high point also failed to break through the previous high, similar to the shooting star pattern seen before. If you have a short position, set your take-profit level within the range of the previous long-short turnover area. When the market reaches this area, finds support, and breaks through some of the previous lows to rebound, you should close all your short positions and consider entering a long position.

BTC 1-hour Chart:

Looking at the 1-hour chart, I mentioned the converging triangle pattern yesterday. Last night, the market once again falsely broke through the upper boundary of this converging triangle. Therefore, the market has experienced two upward breakouts. Once the market stabilizes above the upper boundary of this converging triangle again, I believe you can enter a long position.

In summary, today's market requires close attention to the converging triangle pattern on the 1-hour chart, and observe whether the market breaks out upwards or downwards in order to make corresponding decisions.

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

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