Watch the video: Bitcoin Market Analysis 2024.02.27

BTC Weekly Chart:

From the weekly chart, last week closed with a doji candle, indicating relatively small price fluctuations. However, the market has stabilized around the 0.66 retracement level of the previous downtrend. Subsequently, a very strong uptrend occurred yesterday.

BTC Daily Chart:

Looking at the daily chart, yesterday closed with a very strong bullish candle, breaking through the previously mentioned resistance level at 53245 and testing the 55000 resistance. Furthermore, this morning at 8 o'clock, the market continued to rise, once again breaking through the 55000 level. Currently, there is no obvious sign of weakness in the daily chart. The next significant resistance level is around 61100.

BTC 4-hour Chart:

Looking at the 4-hour chart, after the market surged last night, it finally ended the nearly half-month-long consolidation phase and closed with a doji candle at the top, coinciding with the 55000 level. When large investment institutions buy long positions again and push the price higher, it will use the positions of those who are shorting here as fuel, causing the price to rise again. Therefore, several large bullish candles in the 4-hour chart are rare in the history of Bitcoin.

BTC 1-hour Chart:

Looking at the 1-hour chart, the price is currently being resisted below 58000. Can we short here? We need to look at the trend in the 15-minute chart.

BTC 15-minute Chart:

Looking at the 15-minute chart, we can see the volume distribution of this trend. Currently, the price is supported by the VAL line. If the price rises again and is resisted at the VAH line, I believe it will be a good opportunity to short.

In summary, today's market situation requires close attention to the breakthrough at the 56500 level. If the market breaks through and rapidly falls, it will be a very good opportunity to enter a short position.

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

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