4.23 Market Analysis, Surge or Pullback
From the current trend, the price is testing around 93000, and it is clear that the price has formed a wave of consolidation around this level. As long as the price stands firm above 93000 again, there is still a possibility for further upward movement.
Moreover, from the hourly chart perspective, the price has been rising steadily, and the bullish momentum has not yet shown signs of weakening. Although this violent surge has successfully ignited excitement in the crypto market, we just need to wait for the right opportunity.
If it can break through the 94000 level later, the daily increase is expected to continue. Conservative traders can take advantage of a short-term long position.
On the daily chart, yesterday's movement ended with a strong bullish candle, and the price has rebounded forcefully, currently above all moving averages. There has been a short-term breakout, but it has not further breached the 95000 barrier, and the upper space has not been opened up significantly. The price met resistance at around 94000 and has exhibited a slight pullback.
This indicates that there is still strong selling pressure in this area. If there is another rebound to this level, there is still a risk of a pullback. Therefore, it is not advisable to blindly chase after long positions before a breakout. Be cautious of the market coming under pressure for another pullback. It is recommended to wait and see, consider buying on dips, and maintain a light short position at the high of 94560.
