Is the divergence rebound a trap? The 4-hour trend of $BTC 4 is still downward!
Bitcoin had a thrilling moment at the 93500 mark in the early hours!
It didn't break through the previous low but triggered a 4-hour level rebound. However, don’t celebrate too soon—the intraday rebound didn’t even touch the upper limit of the 1-hour range, indicating a clear lack of momentum and it could turn down at any moment!
Now there is a critical signal on the 1-hour chart: the price is stuck in the middle of the range, not moving up or down. The support below is at 93800. If this level cannot hold, the just emerged stop-loss signal on the 4-hour level will be rendered invalid!
Worse still, the overall trend on the 4-hour chart is still downward, and the bottom support has already shifted down to around 93300. As long as the price does not break through the mid-level resistance, a continued oscillation downward is highly likely!
This week, we must keep a close eye on the daily MA120 lifeline—91450! This is the last trump card for the bulls, and if it breaks below... the consequences are for you to think about!
For those who can't grasp the points, I have already shared the positions internally; feel free to come and check it out if you’re interested.
