$BTC continues to pull back, pay attention to this position.
【Today's Market Analysis - BTC - 10.24】
For technical analysis learning purposes only, not as investment advice. Profit and loss are your own responsibility.
1. Daily: The bullish ascending channel continues. Yesterday's daily chart completed a downward spike, and from the trading volume, buying and selling volumes are basically balanced, indicating that buyers remain strong. From the overall liquidity perspective, when the price reaches around 681, it is the intraday top, and there is no liquidity above to support the price for further increases, which means the price will further pull back. 661 is the most likely intraday retracement position, with an extreme position at 646.
2. 4H: The K at midnight last night showed a long lower shadow bullish candle, but with considerable trading volume, indicating that there is still a large accumulation space in the range of 652~662. This means the price will not temporarily move upwards; around 67X, you can see that the market makers are suppressing the price, which is not a sign of selling but rather a way to keep the price from breaking out using smaller chips. This confirms the viewpoint that accumulation is still needed.
3. 15min: The K at 8:45 pulled a bullish K with substantial trading volume, indicating that the price will not drop significantly for the time being. However, the K at 9:15 has shown a top divergence, and when combined with larger time frame K, we can estimate that the approximate retracement position is between 661~664, which also aligns with the daily retracement position mentioned.
Intraday trading strategy: Long at the retracement position and extreme retracement position. Do not short.
