25/04/24 BTC rebound under pressure, the pullback continues to look for 5 waves, 100,000 is still a key resistance
Bitcoin rebounded and pierced 94,900 after the pullback, this is just the pressure from the first oversold rebound on March 3rd, but from the degree of the pullback, the rebound has not yet ended. After a short-term adjustment, it will continue to rise. As we reminded in our video yesterday, there is still a 5-wave upward trend looking at 0.618—0.786, which is 96,000—102,000.
The beautiful valley has continued to rebound. As of the publication, Nasdaq is up 1.69%, S&P 500 is up 1.23%, Dow Jones is up 0.62%. For the three major US indices, whether in large or small harmonic patterns, the outlook is bullish. The rebound could be 0.886 or rebound to the previous rising trend line before continuing to drop to confirm the bottom. Therefore, whether Bitcoin can complete the shark pattern depends on how long the US stock market can sustain.
Bitcoin
There is support around 91,600 on the 4-hour chart, the pullback magnitude is lower than our previous prediction of 88,000—89,000. After the adjustment of wave 4 is completed, continue to look for the rebound of wave 5, targeting 96,000—102,000. If a significant upward spike occurs, it will be necessary to reduce positions, and the shark pattern completion is 106,000, needing to see the strength of the rebound in the beautiful valley.
The daily MACD is still bullish, RSI continues to rebound with short-term support at MA200, currently bullish. Friends looking to short still need to wait and go with the trend.
Support: 88,696—91,619
Resistance: 96,000—102,000—106,000
Ethereum
The pullback continues to look bullish, and based on previous logic, Bitcoin—Ethereum—Altcoins—MEME will look at the follow-up situation after Bitcoin rebounds 5 waves, with a target still looking towards 2000—2100.
Altcoin aspect: SUI has already pulled back over 30%, can also pay attention to FET, XRP, TRUMP...
