Bitcoin finally fell below 29,500 and is now fluctuating around 29,000. However, the 4-hour decline has not yet completely ended. It is expected to take some time and there is still some room below.
We warned of this in yesterday's analysis and predicted a breakout of 29,500 in the morning, which did happen in the evening.
For the large-scale trend, we still need to pay attention to the next 4-hour rebound strength, but basically there is no need to be too anxious because 31800 is the secondary peak even if it is not the peak.
As for the short-term trend, due to the rapid changes in the market, the article can only predict the market changes at the time of publication. Therefore, short-term traders need to pay close attention to the latest market changes. These analyses are for reference only.
At the 1-hour level, the current decline from the center that started yesterday has not yet ended. It needs to fall below 28861 at least. Then we will observe whether the next 1-hour level rebound will show a three-sell signal. Overall, it is expected that the decline at the 4-hour level will be faster, which may take two or three days, but it may also be slower until the end of the month.
At the 15-minute level, Bitcoin formed a central axis in the range of 29,000 to 29,300. It is expected that there will be another 15-minute level departure segment decline, breaking the 28,861 below.
However, in the current 1-hour decline, the support level of 28500 below may not be broken. If it is not broken, there may be a 1-hour rebound to test 29500 and observe whether there is a sell signal. In general, the support levels below are 28500, 28000 and 27500, and the pressure levels above are 29500, 29800 and 30000. We need to wait patiently for the development of the market and adjust the trading strategy at any time.
