Watch the video: Bitcoin Market Analysis 2024.03.27

BTC Daily Chart:

From the daily chart perspective, yesterday closed with a very small solid doji candle, but the market has held above the 21-year historical high. This indicates that the market is supported here and there is no sign of a downtrend. Therefore, I believe there is a high probability that the market will test the historical high. So, we need to pay attention to the area ahead, the position of the POC line is around 72100. If the market is resisted at this line and experiences a pullback, we need to pay attention to the support of the historical high. If the market falls below this line and fails to recover, this position would be a very good shorting opportunity.

BTC 4h Chart:

From the 4-hour perspective, as I mentioned before, there is a head and shoulders pattern at this position, or a W-bottom pattern. Regardless of which pattern you are focusing on, there is an opportunity to go long at this position. If you are looking at the head and shoulders pattern, after the market breaks through, retests, and breaks through again, you have a complete opportunity to go long at this position. Our take-profit level is the vertical distance from the smaller shoulder to the neckline. That is, the vertical distance from the left shoulder to the neckline, which has already arrived at the one-time position. So, the trading of this pattern is over.

If you are looking at the W-bottom, the market broke through the neckline without a retest. Even if you look at the 15-minute chart, the market did not retest, but instead forcefully broke through the neckline. So, it's relatively difficult to seize this trading opportunity unless you look at the 5-minute or 1-minute chart, where the market has a retest action. Therefore, for the W-bottom, our take-profit level is also to look at the one-time position from the bottom to the neckline. Currently, the market has not completed its delivery. Our take-profit target is around 73000. Previously, the market consolidated here for a period of time, so if the market reaches this level, it may consolidate again to establish this high point.

BTC 1h Chart:

From the 1-hour perspective, the market has once again held above the 21-year historical high. Last night, I was waiting for the market to break below this low point. Because this low point is below this line, if the market breaks below and then recovers, it would be a relatively good trading opportunity. But currently, the market has not broken below this low point. So, I will still pay attention to this low point and the price behavior of this range ahead. If the market returns to this range and finds support, I will consider entering a long position.

In summary, for today's market, it is necessary to pay attention to the support or breakdown of the range 68300-69200 below the market, as well as the breakthrough of 72100 above the market, in order to make trend-following trades.

If there is anything about today's market that needs to be discussed, feel free to communicate. Thank you.

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