Thursday Afternoon, Bitcoin Analysis!
Bitcoin yesterday, the daily line was overbought and there was a need for a pullback, but due to the positive CPI data, the price continued to rise. However, yesterday's spike and retreat confirmed my judgment. Although it is still mainly in a volatile consolidation phase, we must remain vigilant about the risk of a pullback!
From a technical structure perspective, the daily level is overall in a volatile upward trend, but based on recent overall performance, the market has clearly entered a phase of adjustment. Yesterday's spike and retreat resulted in a bearish candle with an upper shadow, and today continues to decline. It has now broken below the daily MA7 moving average, with important support to watch at the 98 level in the short term. On the 4-hour chart, yesterday's rebound reached the 1048 position, hitting a recent high before starting to turn down. It is currently in a small downward trend in volatility, and there is still a need to continue declining during the Asian trading session.
Bitcoin Afternoon Suggestion: Rebound in the 102800-103500 area! Target looks at the 101500 area, continuation is 100000!
Finally, I emphasize, light positions, light losses!
