Bitcoin Analysis

We will first see if there is any information on the weekly line. Read and analyze the weekly situation. This week's K-line presents a big Yin K-line, and the lowest point forms a support line around 28,800. Among the K-lines in the past four weeks, there are three big Yin K-lines and one small Yang K-line, and one of the upper shadow lines is very long, similar to the tombstone line. This suggests that Bitcoin has been relatively weak over the past four weeks.

At present, Bitcoin is above the 0.618 position of the range, which is above 29,000. But over the past four weeks, Bitcoin has been creating a potential downtrend line. If it chooses to test and fall below the premise this week, which is around 28,300, then this potential downward channel will be established, further proving that the current market is quite weak.

We can further observe the market at a smaller time level. From the perspective of the daily line, the direction of the large level is concentrated on last Monday, that is, from 30,000 to around 28,800. For the next 6 days, the entire market was in a state of small consolidation, such price action was confusing. Although we had expected Monday's big Yin K-line to fill in the previous rising gap, the actual behavior of the market is not the case. Therefore, we can only analyze the actual market conditions and decide our own trading strategies.

Looking further at the market at the 4-hour level, we can notice a golden cross. However, since the direction has not yet been determined, and two large negative K-lines have directly broken the position before, and the support level of 28,800 and the resistance level of 29,500 have not been tested, I choose to be relatively conservative and not open a position when the golden cross appears. The resistance level of 29,500 is very obvious and has been tested three times, and the support level of 29,000 below is also very obvious, with 1234 lines deployed at this position and not recovered. Therefore, if Bitcoin chooses to form a secondary signal at any major position, it is a good short-term trading opportunity, and the stop loss can be set around 28,800.

To sum up, Bitcoin is still under obvious pressure at present. In the small range of 29,000-29,500, traders should pay close attention to all the major processing points I just mentioned, and pay attention to the price action after they reach these points. According to the actual situation of the market, flexibly adjust the trading strategy.