Cryptocurrency Daily Analysis (4.1)
Summary:
$BTC Let's start with the bigger picture, 91000 is a level mentioned multiple times before. If we can't hold above this level, there is a risk of breaking new lows. 86600 is a resistance level that has been tested multiple times before. Now that we have dropped back below it, we will test it again. This level is now the dividing line between bulls and bears. If we can't get above it, the market won't be able to strengthen further; only by standing above it can we continue to see the target of 91000. Now, breaking down from the perspective of the Chande structure, 88700-81300 represents the internal first leg of the daily downtrend in a 4-hour chart. Currently, it is uncertain whether this leg of the decline has ended. Assuming this decline has concluded, we have a second leg of the daily uptrend starting from 81300, and the rebound targets here are 84500, 85500, and 86600, which are crucial levels to pay attention to. Then, taking the target levels into account, the final leg of the daily downtrend in the 4-hour chart aims for 79000-80000. As long as the endpoint of this daily decline remains above 79000, there shouldn't be any major issues (this is the last line of defense before new lows). Then, we will initiate a daily uptrend. Ideally, the expected target would still be 90000-91000. Additionally, it is important to emphasize that as long as we don't break the 76500 level, the weekly pullback hasn't ended, and a raging bull market cannot begin (unless we consider the possibility that 110000 to 76600 is a single segment on the weekly chart, which would require special handling; we will need to look into this further later). Currently, the market can oscillate around the range of 79000-91000, and the key points discussed today are these specific levels and ranges, which should definitely be etched in your mind.