Bitcoin market analysis

Bitcoin closed a long white candlestick this month, standing directly above the previous high. The weekly level also showed strong performance, and the important price point of $69,000 has been firmly held by the weekly candlestick. Next, bitcoin is likely to continue to hit new highs. After hitting new highs, we need to focus on how the future unfolds from a technical point of view.

At the end of the program, we will focus on digital currencies such as BCX and LTC (Proof of Work). By the time we talked about these currencies earlier, their prices had risen by sixty or seventy percent, with LTC going from more than $80 to $110. Next, we will discuss the prospects of these currencies.

First, let's look at the objective picture of Bitcoin from a fundamental perspective. Bitcoin has shown a strong rally, rising for seven consecutive months and hitting new all-time highs. This strong rally was last seen in 2021, when Bitcoin rose for six months in a row from the end of 2020 to the beginning of 2021. But after the seventh month stopped rising, a sharp retracement began in the eighth month. We have now risen for seven consecutive months, and the probability of April is not too great, and even if it rises, we must pay attention to whether there is a signal of a peak. In a bullish market, it is impossible to go up all the time without retracement.

From a technical point of view, we mentioned in our last episode that we will not be bearish on Bitcoin when the weekly and monthly lines close on Monday. We used a 1:1 extension ratio to predict that the potential target for this wave is around $80,000. Therefore, it is important to pay attention to the price point of $80,000. We also discussed historical quotes, and Bitcoin now seems to be repeating certain patterns. For example, when Bitcoin breaks through new all-time highs, if there is a retracement and attacks higher points again, this will be the focus of our attention.

Returning to the daily level, we see that Bitcoin has built up chips in an important support zone, so it is bullish to $74,000 in the short term. Now that bitcoin has broken through this resistance zone, the next direction will soon become clear. We need to pay attention to whether Bitcoin will continue to break through or show a retracement. Especially in a short period of time, if we see a sharp drawdown in Bitcoin, then it may be time to consider selling the altcoin.

To sum up, the current situation for bitcoin looks like a consolidation followed by a search for upside opportunities. This week, we will be keeping a close eye on the possibility of being able to make new highs.