The morning surge of the market brought a rise of over 3000 points. After the Bitcoin price rose to a high of 97700, it quickly retraced and did not break through the previous high. Accompanied by significant short-term rebound strength weakening, we also seized a wave of opportunities and managed to secure a good position after a rapid drop below 97000. The altcoin synchronized with Bitcoin's trend, rising to a high of 1850 in the morning before falling back to 1816. Currently, both are maintaining high-level oscillations and adjustments.
From an overall structural perspective, the daily chart shows a large bullish candlestick. The morning's upward movement basically recouped the decline from the previous high, sweeping away the gloom of previous market resistance. The three tracks are rising, and the middle track's elevation indicates a strong return of the market. However, caution is needed to prevent a double top formation if it attempts to reach a high again without success, which could lead to a pullback, with the key shoulder point at around 92000.
On the four-hour chart, after three consecutive bullish candles, there was a bearish candle with a long upper shadow. After an increase in downward pressure, the space for retracement is limited. Although the level of 96500 was broken, the support at 96000 remains acceptable. In terms of technical indicators, the KDJ's upward momentum is slowing, while the MACD has formed a golden cross and continues to rise. The reduction in market volume is not significant, and the divergence in technical indicators suggests that a prolonged oscillation may still occur during the day, building momentum before another attempt to reach a high.
In the afternoon, short-term trading for Bitcoin is recommended around 96000 to go long, targeting 98000; for the altcoin, consider going long around 1810, targeting 1880.
