Bitcoin market analysis
Intraday situation
CME BTC futures hit the support at the upper edge of the gap. Breaking through the gap is generally considered to be a strong support or pressure, which is shown as support here. The daily line closes positively, indicating that there is buying, and at the same time, the 4-hour bottom is superimposed, so the probability of an oversold rebound increases, and then the support at 40,000 will be tested again.
The overall situation
Bitcoin is suspected of distributing chips here. With the help of the Wyckoff model, we make a simple mark. As shown in the figure, the current position seems to be at the last supply point. In theory, the buying should be consumed through shocks here, but the height of the rebound should not exceed the climax of the buying (US$44,700), otherwise it is a misunderstanding or an error in marking.
It is particularly important to note that if the market falls below $40,000, the overall trend will be weak and bearish, while $49,000 will become the mid-term top. #btc
