The price of Bitcoin is facing upward resistance. Can it break through and reach new highs?

The continuous rise in Bitcoin has temporarily come to a halt as of yesterday, and it is currently in a high-range fluctuation. In the short term, the 920-915 area serves as short-term support, but it is not strong support. Unlike the upper level, which has tested 945 multiple times without stabilizing, if the lower short-term support is tested and breaks again, the price will drop directly to the 90,000 area.

On the daily chart, although the Bollinger Bands are turning upwards, they have not extended much. Currently, the high point and the previous high of 950 form a significant double top pattern. If this level cannot break through and stabilize, there will be a considerable risk of price correction. In the 4-hour chart, as the price stops rising, the Bollinger Bands are showing a narrowing pattern. Currently, it is in a high-range fluctuation, but the bullish momentum appears to be slightly weak, lacking the strength to break upwards. The attached indicator MACD shows a downward crossover of the two lines, with bullish momentum weakening and bearish momentum increasing, indicating that there is a demand for a correction in the short term. In summary, although the trend of Bitcoin is strong, it is facing upward resistance, and one should avoid the risk of correction. In the short term, it is advisable to treat it as a short position at high levels and confirm support before going long.

Short-term reference for short positions in the 940-945 area, looking at the 920-915 area.

Swing trade reference for short positions in the 945-950 area, looking at the 900 area, and if it breaks, continue to look at 880.

Note 3 points:

1. If 950 breaks and stabilizes, there is a high chance of continuing to 100,000.

2. If 950 faces resistance and falls back, pay attention to the two support points at 915 and 900.

3. If the upper level of 950 is under pressure and the lower level of 900 is support, then the market will operate within a wide range.

The above is only my personal opinion and is for reference only! $BTC