Master Chen 11.28 video: The market turns back 32000?

So in today’s video, let’s talk about whether the current market will go to 32000 again, including some knowledge of buying points, let’s first take a look at this Bitcoin weekly chart, that is, last year, I used this method to tell you that you can go to the bottom below 20,000, in fact, it is to look at the space

If he is at a relatively low point of space, if there are two consecutive declines of more than 40% in the weekly chart, it may be a very panicked low, because the main force only uses this sharp decline in a short period of two weeks, if it falls by more than 40%, then the main force is deceiving, and he is using this decline to clean up retail investors

So we can look at the current structure of Bitcoin, his price has returned to June 2022, when the starting point of the crash was at this 32000, and then some friends are also asking, will the current Bitcoin have a chance to turn back, or will it fall back to 32000, the position of the bottom of this crash in history, like this kind of support level, he has also had a retracement in history

But my point is that there will be no retracement this time, because there have never been cases of this kind in history, and it is very rare to see two twists and turns of this flat shape in the structure of the first wave and the second wave, which gives the illusion of whether it is an M head or a head and shoulders head, but in the end he still breaks through in a consolidation zone

So there are three kinds of trends in morphology, whether it’s a triangle consolidation or a box consolidation, one of which is a direct breakout, another is a breakout, and he will retrace, and the other is that he is a false breakout, and then it really breaks, so we must remember these three trends

And then let’s look at the point where Bitcoin crashed in 2018, which was from the consolidation zone of $6,000, and then it began to collapse to this low, because his two-week candlestick plummeted by more than 40%, and then we can look at the historical experience, and the place of this kind of collapse was the bottom of Bitcoin in 2019

And then let’s look at Bitcoin’s bull market in 2019, where it tripled in the first wave, and then it regained the position at the beginning of the crash

And then we can look at the point where Bitcoin crashed in 2014, and it also crashed by more than 40% in just three weeks, and the bottom is the bottom, and then we can look at the beginning of the crash at that point, and there was a retracement after the price breakout, which was a direct retracement in the second week, but then it went up

Let’s look at it, and he’s not going to step on this support anymore, so we’ve looked at a couple of cases, especially in 2015, where he didn’t press back to this support level, or this kind of position in history, and we look at cases like this kind of ascending triangle where he broke through and then retraced this kind of support

But if we look at some positions in history, such as Bitcoin in July 2020, which is this high, let’s look at whether he broke through and re-pressed back to this support, obviously not

So I’m also now watching whether Bitcoin will be pressed back again, so let’s take a look at the space, if he wants to press back, the space is only about 13% at most, but I personally think he may not be pressed back, because his twists and turns in this position do not rule out that it may be similar to this position, and it has already been fully shuffled here in advance, and it is possible that this time it is a breakthrough directly

And then let’s look at the technical pattern of Bitcoin at the daily level, we can look at the current consolidation, and it feels like there are two ascending triangles, so the position that fell to this low yesterday can also be observed that there is a very strong support below it, and he has been tilting upwards to wash the market

It is possible that the current pattern is very similar to the position in 2020, and he just broke through this high and did not press back, and it can be clearly observed that there are several lows here that have been sloping upward, or there are falling opportunities, and then they have been rising, or we can also see that Bitcoin has been going up

So I think it’s probably not going to fall back, because the U.S. dollar index has been told to you recently, including some time ago, the U.S. dollar index, and I guess it should fall below 100

And then let’s take a look at Bitcoin’s weekly chart, and why I don’t think it’s necessarily back at 32000, mainly because the channel here is already very strong, breaking through the upper edge of this channel, so if we refer to Bitcoin’s weakest situation after the low rose in January, he has a retracement at this level

We can observe that the golden ratio is retraced to 0.382 and is around 21000, so if it rises from the current position to a high, it is also up about 44%, and if the golden ratio is going to take a weak retracement, even this channel will not break, and the weakest case is about 33000, which is also a very strong support zone of 0.382

Source: Golden Finance