Bitcoin, the weekly closing price this morning recorded a long lower shadow candlestick at a high level, forming a cross star pattern, indicating a certain decline in the current upward trend!

From the naked K-line perspective, whether at a high or low level, the appearance of a cross star suggests a high possibility of a significant reversal. Just like at the end of August and September, when the price was at 25K, it was indicated that three cross stars at a low level signaled a market reversal!

Although the buying pressure is currently strong, we believe that the market has shown strong breakthrough after reaching the Fibonacci 0.382 level at around 36,000, which will attract a large amount of buying interest. The current behavior is aimed at clearing long positions with leverage. Patience is needed for the adjustment, and it is expected to continue to consolidate at a high level.

For real-time updates, follow Lao Feng's WeChat public account: Lao Feng Shuo Bi A!

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