2024/4/18 Market Analysis
1. Bitcoin is still in a long-term upward trend and is only experiencing a short-term consolidation. I think the current adjustment is small and does not mean that it is about to enter a bear market.
2. At the daily and weekly levels, Bitcoin is in a consolidation phase and there are no clear long or short signals. It is recommended to look for long and short opportunities in this range.
3. I think the most likely trend of Bitcoin at present is to test the support level of $58,000. If the support of $58,000 is lost, it may fall further to $50,000.
4. There is a high probability of encountering short liquidation near $58,000, and there is a chance of a short-term rebound. Therefore, take profits in this area and be prepared for a downward test.
5. Overall, I am cautiously optimistic and believe that the long-term trend of Bitcoin is still bullish, but there may be further adjustments in the short term. Investors need to do a good job of risk management and pay attention to the trend of the two important support levels of $58,000 and $50,000 to judge the short-term trend.
