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Bitcoin market analysis
When Bitcoin fell from its peak, it had actually fallen close to $8,500, which was a huge drop. Judging from the candlestick pattern, we have long warned everyone that this is an engulfing pattern and should not be taken lightly. Once the retracement is followed, further downside exploration is possible. The only bullish trading opportunity may be on the curve that was formed, but this curve was directly broken. After breaking below the curve, Bitcoin may continue to test the bottom support point downward.
The strong support below is around $40,500 for now. If there is a false Rebound from a secondary bottom in this range, it could be a bullish signal. In the absence of such a signal, it is advisable to stop bullishness, as lower lows are likely. At this minute position, it means that the momentum of the upward pull after the last wave of retracement of Bitcoin has been completely engulfed, and a bearish structure has begun.
In the short term, unless a secondary bottom Rebound signal is seen, a continued retracement is more likely. The targets of the retracement include the CME gap below, which is around $39,300, and the horizontal support line below at around $38,000. This is the view of Bitcoin in the medium to long term.
Going back to the short term, these bearish patterns we mentioned yesterday collapsed directly. The current key point for long liquidity is around $42,000. If this liquidity is cleared, it may indicate that the market will be more volatile in the future. Earlier I mentioned that on the course of going all the way up, it is unlikely that the bulls will retrace too deep to the horizontal bottom support. Therefore, even if you see a short-term rebound in the current position, you should be cautious and reduce your position on the upside and look for bearish opportunities.
The strongest resistance above is around $42,700, which is the central axis of the entire consolidation zone. Keep an eye out for a breakout of this level, as it may affect the market movement if it is rejected as a decline. In the short term, it is necessary to keep a close eye on the market dynamics.