4.24 Market Analysis

Bitcoin reached a maximum spike of 94900 last night, which is the upper boundary of the daily K-line level. It then fell back to the hourly support level of 91800, initiating a small-level rebound.

Currently, this small-level rebound has no volume and has shown a top divergence pattern, so it will continue to test support downwards. Only after confirming the effectiveness of the support will it continue to move upwards.

If the hourly support continues to break down, it will further test the next level of support, which is in the 89000 area. After confirming this position's validity, it will need to undergo a period of consolidation to correct the previous excessive stretch.

For intraday trading, Bitcoin is currently priced at around 92800. It is advisable not to maintain overly bullish sentiment at this moment and to observe the price direction before deciding how to act.

Those looking to go long can wait to enter around the 91000 area, with a stop loss set at 89900, initially targeting 94800. For short positions, entry can be made in the high range of 94800-95000, with a target of 92500.