Watch the video: Bitcoin Market Analysis 2024.02.22
BTC Daily Chart:
From the daily chart, the market rose the day before yesterday, breaking through the previous high, but it did not test the resistance line at the 53245 level. Yesterday, a long shadowed bearish candle closed below the two previous lows, gaining liquidity and quickly recovering. Therefore, I believe that the resistance line above the market is very attractive.
BTC 4h Chart:
Looking at the 4-hour chart, we can see the current volume distribution. The market is now at the Point of Control (POC) level and has retraced again. The candle closed at 12 o'clock. If the candle ultimately closes above the Value Area Low (VAL), I believe the market will continue to move upwards. Otherwise, if the market closes below the VAL, it may retest the low from last night.
BTC 1h Chart:
Looking at the 1-hour chart, after the market dropped to a previous low, it rebounded and broke through a previous high. I believe this trend has completed. The market has broken through a parallel bottom, gained liquidity, and risen again. Our community took a long position at the low point last night and is currently in a floating profit state. We need to pay attention to the price behavior at this level. The market retraced to 0.618 and found support. I believe there is a high possibility of the market continuing to move upwards. Our second take-profit point is the Value Area High (VAH) line of this trend. When this line is held again, we can see the resistance level around 53245.
In summary, for today's market, if you have entered a long position, you need to pay close attention to the price behavior at the levels of 52150, 52400, and 53245. Otherwise, you need to pay attention to the Bitcoin futures' retracement. After the market retracement is completed, you can enter a long position.
If there is anything you would like to discuss about today's market, feel free to communicate. Thank you.
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