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Looking at BTC trends from a higher level
$BTC
From the daily chart perspective, the current trend has moved away from the bottom central zone, but has not touched the previous central zone low point, and the pullback has not entered the bottom central zone, instead it is oscillating at a high level. The bullish forces are stronger. The larger timeframe is bullish, but caution is needed when going long at this position. You can wait for a pullback before considering entering long positions.
From the 4-hour chart perspective, this wave of rally has reached the Fibonacci retracement 0.5 level, a typical resistance level causing a stall. The previous wave rose to the Fibonacci retracement 0.382 and then pulled back to the current 0.5 level. Can we expect a pullback now to the 0.618 level? I personally think it’s worth expecting.
From the 2-hour chart perspective, after breaking the upward trendline, it consolidated sideways, retraced to the Fibonacci 0.382-0.618 zone, and started the next wave of rally, which is relatively reasonable.
Trading volume is shrinking, with no clear direction. Be cautious about long and short positions.
No matter how the candlesticks move, they are all correct; all analyses could be wrong. Everyone can take this as a reference. I hope it can bring some inspiration. Feel free to share your thoughts.