What's the situation with Bitcoin? Approaching the previous high before Trump takes office, and immediately breaking the previous high after he takes office? How will the market move? Let me tell you slowly...
From a short-term perspective: the 4-hour level shows a clear triple bottom, with around 94K being the current support level. There is also significant resistance above, with 99.4K being a double top resistance level. Consolidation!!!
Looking again at the daily chart: the daily movement is much clearer than the 4-hour chart, a typical daily divergence, and the divergence has not yet been corrected. The moving average resistance is obvious, bearish!!!
Finally, let's take a look at the weekly chart: the weekly bearish engulfing is very strong. Just look at the previous few times when the weekly bearish engulfed the bullish candle. Currently, it is only supported by the five-week moving average; furthermore, last week had a very large bearish candle engulfing a bullish candle. Don't think about an immediate reversal; I believe this kind of bearish engulfing correction needs to be calculated in months, bearish!!!!!!!
In summary, the mid-term level is definitely bearish, and I really can't find a reason for it not to drop. Is it because Trump took office on January 20th that the Bitcoin is soaring? When everyone thinks this way, it is precisely the opportunity to harvest retail investors. Moreover, the greed index is still at 73, which is too high! Let's look for a reversal when it gets closer to 50.
OK, that's it for now. Finally, feel free to follow and share. If you have any questions, please leave a comment in the comment section!
