Today’s Market Analysis – BTC (November 15, 2024)
This analysis is for technical learning reference only and does not constitute investment advice. You are responsible for your profits and losses.
1. Daily chart analysis:
Yesterday, the price of Bitcoin fell and formed a pin pattern. The current support level is at the 878 position mentioned in the previous analysis. After observation, many traders predict that the market will have a major correction. However, judging from the market trend, this is actually a typical washout pattern. The price began to decline after hitting 93 on November 13, and the overall trading volume also showed a gradual decline. A drop in both volume and price is a common feature of a washout. If there is no significant good news, the price is expected to fall back in the 863 to 868 range, forming further short accumulation, which may prepare for a subsequent impact of 90,000. However, it is only a matter of time before it exceeds 90,000.
2.4 hour chart analysis:
As mentioned before, if the price closes below 861 within 4 hours of the retracement range, it may trigger a larger correction. However, the current trading volume continues to decline, the overall trend is healthy, and no serious negative signals have appeared.
3. 15-minute chart analysis:
Bitcoin price is currently capped in the range of 86X to 892. Several pin K-lines in the early morning period showed that the trading volume increased significantly, and in the pin K-lines, the long trading volume was greater than the short position. This indicates that the support near 86X has not yet fully digested the short position, so patience is required.
Day trading strategies:
Long-term investors can make spot purchases during the callback range. For short-term contract trading, it is recommended to wait and see with short positions today, waiting for clearer market signals.
