Market Focus: Key Data and BTC Technical Analysis

1. Major Data Preview

This week's market focus is on Thursday, when the Federal Reserve's interest rate decision, the Bank of England's interest rate decision, and unemployment claims data will be released one after another, and their impact should not be underestimated.

II. Overview of BTC Technology

Daily perspective

BTC price surged and then fell, forming a "V top". It is necessary to closely monitor the key support level after the decline and look for opportunities to go long. The Bollinger Bands have shifted from an expanding to a contracting pattern, and there is space between the price and the Bollinger middle line (around 92400), which allows for long positions to be set up here. Regardless of whether the price subsequently oscillates or rises, there is potential for profit. MACD shows a death cross above the water, with bullish momentum turning bearish, indicating a short-term bearish trend.

4-hour level

Vegas support is at 91500, forming a support zone of 91500 - 92400 with the middle band of the daily Bollinger. Currently, Vegas has a golden cross, and if the price reaches Vegas, it will be the first touch after the golden cross, making this resonance zone strong support. The Wyckoff method shows that a complete distribution has been completed in 4 hours, and it is now in the SOW weak phase. In the short term, it may continue to fall, and one can short at the upper line of the distribution or long at the lower bottom.

1 hour level

The price has broken below Vegas, support has turned into resistance, and it resonates with the upper line of the consolidation. Intra-day shorts can be made around this area, and it is not advisable to look bullish unless this area is broken.