Market Analysis - The analysis indicates a potential test of the lower POC (Point of Control) level for Bitcoin [1] - The report suggests that the $VAH$ (Value Area High) line on the 4-hour chart is near, indicating potential support [1] - A break below the immediate support level could lead to a swift downward movement, negating any potential for a rebound [1] Trading Strategy - The analyst suggests waiting for a clear price action signal before entering a long position, rather than preemptively placing orders [1] - The report recommends closely monitoring the price action at the identified support zone; a quick recovery after a dip below this zone could be a buy signal [1] - If the price fails to hold at the identified support zone and breaks below a key candlestick pattern, a short position is recommended [1] Correlation - The analysis points out a high correlation between Bitcoin and Ethereum, suggesting that trading one could be representative of the other [1]

Market Analysis - Bitcoin's daily chart shows a less-than-ideal close followed by a continued downward trend, cautioning against chasing highs at $120,000 due to potential pullbacks [1] - High trading volume during pullbacks, rather than a healthy reduction in volume, suggests significant selling pressure [1] - A large trading volume accompanying a failed breakout from a consolidation zone indicates potential large-scale selling [1] - Negative funding rates on Bybit Bitcoin USD perpetual contracts often signal a relative low point, while high funding rates suggest over-eagerness to chase highs, potentially leading to corrections [1] - The analyst is closely monitoring a specific level for a potential dip below followed by a quick recovery, which could present a long opportunity; failure to recover would raise concerns about market structure [1] Trading Strategy - The analyst suggests that a drop below a key low point, followed by a swift recovery, could be a buying opportunity, indicating a continuation of the upward trend [2] - The analyst is wary of shorting Bitcoin unless a clear breakdown and confirmation occur, preferring to wait for a confirmed bearish signal before taking a short position [2] - The analyst notes that many traders are currently shorting Bitcoin, and suggests that a break below a significant low could trigger more short selling, presenting an opportunity to take a contrarian long position [2] Altcoin Analysis - Ethereum appears slightly stronger than Bitcoin, with decent trading volume, but the analyst cautions that Ethereum outperforming Bitcoin while Bitcoin struggles is a potentially dangerous sign [2] - The analyst suggests that if Ethereum continues to rise, some altcoins may experience a rally, but the analyst is closely monitoring Bitcoin's ability to continue its upward trend [2]