The time has come to the afternoon, Bitcoin has been in a single-sided downward trend after a small drop, remaining in a fluctuating market without providing much space. The current bullish position is still being held. The altcoin reacted far beyond expectations in the morning, experiencing a drop of nearly a hundred points, and after a rebound, it returned to a fluctuating state.
In the four-hour timeframe for Bitcoin, the candlestick has already formed a bullish golden pit. After the pullback, it continues to face pressure below 100,040, and the upward momentum shows weakness. Until it breaks through this line, it is difficult to find effective upward space.
In the one-hour timeframe, the price pattern has formed a head-and-shoulders pattern, accompanied by a downward extension with a positive oscillation trend, suggesting a test of the support level below. However, the technical indicators have shown a turning trend, and the momentum is gradually recovering; given the previous brief drop below 103,500, if it breaks through effectively again, it is expected to show continuation. At this time, the short-term bullish and bearish paths need to switch!
Currently, we continue the bullish path from the morning, focusing on the support situation at 103,500.
