What's happening with Bitcoin? Approaching the previous high before Trump took office, and immediately breaking the previous high after he took office? How will the market move? Let me explain it to you...
From a short-term perspective: The 4-hour level shows a clear triple bottom, and the support level is around 94K. There is also obvious pressure above, with a double top resistance at 99.4K. Consolidation!!!
Looking at the daily line: The daily trend is much clearer than the 4-hour chart, a typical daily divergence, and the divergence has not yet been corrected. The moving average pressure is obvious, bearish!!!
Lastly, looking at the weekly line: the weekly candlestick shows a bearish engulfing pattern, and the strength of the engulfing is very strong. Just look at the previous few times when the weekly line showed a bearish engulfing. Currently, it is only supported by the five-week moving average; moreover, last week there was a very large bearish candle engulfing a bullish candle. Don't expect an immediate reversal. I believe this kind of bearish engulfing pattern needs to be calculated over months, bearish!!!!!!
In summary, the mid-line level is definitely bearish, and I really can't find any reason for it not to fall. Is it because Trump took office on January 20th that Bitcoin took off? 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.
Okay, that's it for now. Finally, feel free to follow, share, and if you have any questions, welcome to comment in the comment section!
