The CZ case has come to an end, with the judge officially sentencing him to four months in prison, meaning Binance has passed the test.
Bitcoin market analysis
1. Monthly line bearish
Bitcoin's monthly line closed with a long shadow, covering the real body of the previous positive line. This is an obviously bearish K-line structure.
Therefore, the support of $59,000 is estimated to be difficult to maintain.
2. Possible time of change
Based on a simple calculation based on the Fibonacci cycle, the possible turning point is around May 7.
3. Judging from the DMI and ADX indicators, there is a risk of a sharp drop
As shown in the figure, this is the Bitcoin daily DMI and ADX indicator chart. The adx indicator flipped upward from the bottom and reached 32. adx is a trend indicator. This situation can be roughly understood as a downward trend or a period of accelerated decline. Therefore, stop loss must be set for contracts and short-term transactions.
4. Possible target location
From the Fibonacci retracement point of view, 0.382 corresponds to 51700, and 0.5 corresponds to 44850.
In terms of mining costs, the cost range of mining is around US$40,000.
If the market falls sharply, the probability of falling to the range of 50,000 - 53,000 is higher.
In summary,
Bitcoin's monthly line closed poorly, and the risk of a falling market increased.
The above analysis is for reference only. The market is complex, so please wait and see.
