Bitcoin prices have been consolidating for several days, with the daily chart showing 8 consecutive K-lines in an overlapping state, indicating that the market is about to face a directional choice.
The 4-hour chart has diminished reference value due to long-term consolidation without effective expansion.
In contrast, the 8-hour chart reveals a clear double central upward structure, with prices consistently maintaining above the 26-day moving average, providing effective support. This technical feature can serve as a reference for short-term bullish strategies.
It is worth noting that in the face of such patterns, one should be cautious of the "last surge" risk, meaning that after breaking new highs, a significant retracement may follow, similar to the price movement observed from September 26 to 28, 2024, which investors should be wary of.
