Watch the video: Bitcoin Market Analysis 2024.02.19
BTC Weekly Chart:
From the weekly chart perspective, last week closed with a bullish candle, and the final closing price was above the 0.66 retracement level. The market is in a very strong uptrend. With the two large bullish candles, there is a gap. If the market falls to fill this gap and then rises again, it would be a good opportunity to enter long positions. Ideally, if the market retraces to the 0.618 level, which is also a key support level, it could potentially test the historical high of Bitcoin.
BTC Daily Chart:
Looking at the daily chart, yesterday closed with a bullish candle, and the market is still above the 0.66 retracement level. Today is Monday, Presidents' Day in the United States, and the US stock market is closed. Therefore, the market is likely to experience limited volatility and may continue to consolidate.
BTC 4-hour Chart:
On the 4-hour chart, the market experienced consolidation yesterday. It first broke below some low points and then tested the 0.618 retracement level multiple times. Currently, it has stabilized above the 0.618 retracement level and is testing the support at this level. This kind of trend doesn't offer many trading opportunities.
BTC 1-hour Chart:
Looking at the 1-hour chart, the market has once again stabilized around the 0.618 level. Considering the current volume distribution, the market is facing resistance at the VAH level. In this oscillating market, it's possible to short at highs and long at lows.
In summary, today's market requires attention to the volume distribution on the 1-hour chart. It's possible to attempt long positions at lows and short positions at highs. With the US stock market closed, there are limited trading opportunities.
Feel free to discuss any aspects of today's market. Thank you.
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