#BTC Market Analysis
Yesterday's situation: After consolidating at a high level for a while, the market tested the previous high for the second time. The PB signal appeared at the 2-hour level, and the market stopped rising and is now in a state of falling from a high level.
Points to pay attention to in the near future: There is a range of 59500 - 58850 below, and support at 57000, and the top is the range of 62000 - 61400.
Focus: Look at the high point of the second test at the 2-hour level. If this high point is not broken, hold the short position for a long time. In addition, pay attention to whether there is support rebound in the 58850-59500 range. Also look at the low point of the second test at the daily level below.
Structural pattern: A head PB signal appears in 2 hours, and the market stops rising.
<<<<<<Trading Ideas>>>>>
Long position: If it falls back to the range of 57000 - 56500, the entity does not fall below, and the 5-minute or 30-minute chart gives a bottom pattern signal, then you can go long.
Short selling: If it rebounds in the range of 59500 - 58850, and the entity does not break through, and a top pattern signal is given in 5 minutes or 30 minutes, you can short sell.
Short selling: If it rebounds in the range of 62200 - 61400 and the entity does not break through, and a top pattern signal is given in 5 minutes or 30 minutes, you can also short sell.
The key points to pay attention to are: the support level of 57000 below, the support rebound of the range of 58850 - 59500, and the range of 62200 - 61500 before the second test.
Personal opinion:
After consolidating at a high level, the PB signal appeared at the 2-hour level to stop rising, and the second test of the previous high was unsuccessful. Now the focus should be on the pressure of the second test high point 62200 - 61500.
The yellow slope line in the figure has broken, but it has not accelerated downward as we expected. So we have to pay attention to whether the market will continue to consolidate at a high level or slowly fall. Pay special attention to the closing of the weekly line at 12 o'clock tonight and 8 o'clock tomorrow morning. From the monthly level, it is now a long lower shadow. According to my understanding of the K-line, a K-line pin will have at least three waves of market. The first wave is an accelerated downward trend, the second wave is an accelerated rebound, and the third wave is an accelerated downward trend again.
At present, the monthly line has only gone through two waves of market, and these two waves were completed in one weekly line this week. So I think, whether from the perspective of the monthly line, or the low point of the second test of the weekly line, or the confirmation of the retracement at the daily level, I personally think that there will be at least one more wave of accelerated downward movement. Therefore, we must cherish the high-level short orders in our hands, wait patiently, don't rush, and let the market develop for a while.
