Bitcoin market analysis

The current time is 12:30 p.m. on Tuesday, and the current overall market liquidation has reached about $500 million, and every time the market liquidation reaches $5-600 million, the market will always reverse. There are still $90 million left to reach that amount.

We look at the technical picture again and see that after the weekly and monthly closes, Bitcoin fell by 7.45% overall, with many altcoins falling by more than 15%.

From a large-cycle perspective, we don't want to see such a decline. If, tomorrow at 8 a.m., bitcoin can return above $68,360, it will be a good signal for bulls. According to our analysis, a large timeframe may enter a large consolidation triangle pattern, that is, it is deduced by the connection of vertices and bottoms. In this way, bitcoin may fall to $62,000 before it rebounds. We expect Bitcoin to create a higher high. Once there is a 2B false breakout, we will be bearish on the entire market.

We also looked at the volume situation. Although the volume is not large, today's action is indeed a downward probe action, which caught many friends in the East Eighth District off guard. We reminded everyone in the Telegram announcement community last evening that bitcoin may go to this liquidity point, which is around $68,300. The market is indeed moving in this direction. A lot of friends in our community open positions in this position and watch the rally.

What do we think of this downward probe action? We use 0.618 to determine the overall trend. The current bullish trend is stable above 65,800 points. If it closes above $68,300 tomorrow morning, we believe it will still be a bull-dominated market. We're not going to chase short at this intermediate stage. Judging by the structure of the daily level, it has not yet broken below the bullish structure. We will be watching to see if Bitcoin can sustain above the key support points to determine our trading strategy.