BTC analysis

Technical Aspect:
Weekly Chart: Last week closed with a long Upper Shadow (Bullish line), while the MACD line remained flat and the MACD histogram gradually rose for three consecutive weeks. However, it is worrying that although the MACD line remained flat, it did not approach the zero axis and there is still a possibility of downward correction towards the zero axis.
Daily candlestick level:
1. The daily candlestick shows a red candle with a long upper shadow. Although the MACD histogram is green, it is gradually dropping. The RSI is at a neutral level, with the potential to still drop to Oversold for further downward correction.
2. From the perspective of moving averages: The Candlestick is still in a long position trend above all moving averages. The mid-term moving average is close to the long-term moving average, and the long-term ma120 is an important support, around 64800, and ma30 is the second support, around 63000.
3. Yesterday's attempt to break through 70,000 was unsuccessful. Combined with the dump from Grayscale, it is evident that Market Makerbull trap is at play. Only when the daily K-line successfully breaks through and holds above 68,500 can it be considered a valid breakthrough. Currently, there have been 4 attempts, all of which were valid breakthroughs.
The first resistance level is 68500, and the second resistance level is near the round number: 70000.
4-hour level: the MACD indicator has been repaired close to the 0 axis, but has not been fully repaired, and the RSI is in the oversold zone.
1-hour level: Candlestick draws the trend of the door: Candlestick tested the bottom 66400 twice, if the bottom test is successful, there is a possibility of initiating a small-scale Rebound, with targets at 67500 and 68500! If it falls below, continue to the next support level at 65000.
Summary: The daily candlestick level has a slightly bearish trend. On a smaller time frame, use the Candlestick chart to repair indicators. It is expected to fluctuate recently, and institutions will make directional choices on a smaller time frame, thereby driving the trend of the larger time frame.
Short-term support: 66400. Effective support 64800, 63000.
Short-term resistance: 67500. Effective resistance: 68500, 70000.