Bitcoin's one-hour bottom divergence. The current support is around 92500-90500. The upper pressure is around 96500.
At the 1-hour level, it has been fluctuating repeatedly. After falling to around 96,000, it began to fall in a shrinking volume. However, judging from the K-line pattern, there will not be another sharp drop. The support below is 93,000-92,500, and the short-term pressure is around 95,400. It is not recommended to short. You can buy more at a low price.
MACD bottom divergence phenomenon: when the stock price in the K-line chart is falling continuously, but its corresponding MACD value does not continue to fall, but instead rises gradually from one bottom to another. This bottom divergence phenomenon generally occurs when the stock is at a low level.
1. Technical Analysis Perspective
1. Fibonacci Retracement Levels: In technical analysis, Fibonacci retracement levels are commonly used analytical tools, where 0.382, 0.5, and 0.618 are common retracement ratios. These ratios are based on the Fibonacci sequence and are used to predict possible locations for asset price pullbacks. If Bitcoin's pullback does not reach the 0.382 level, it may technically indicate that the pullback strength is relatively weak, the buying power in the market may not have fully released, or there may be strong support in the market.
2. Pullback Strength: The size of the pullback strength typically reflects the comparison of market sentiment and buying/selling power. If the pullback strength is small, meaning the price has not reached the expected Fibonacci retracement level, it may indicate that market sentiment is relatively optimistic, buying power is strong, or there are other supportive factors in the market, such as positive fundamental news or inflows of institutional funds.
2. Market Sentiment and Fundamentals
1. Market Sentiment: Market sentiment has a significant impact on Bitcoin's price movements. If market sentiment is relatively optimistic, and investors have a positive outlook on future price trends, then the pullback strength may be relatively small, and the price may not reach the expected Fibonacci retracement levels.
2. Fundamental Factors: Fundamental factors such as policy changes, regulatory environment, and economic indicators may also affect Bitcoin's pullback strength. For example, if the policy environment is favorable and regulatory policies are relatively loose, investor confidence in Bitcoin may increase, and the pullback strength may decrease.
