This morning, after Bitcoin fell to around $102,500 on the daily chart, it began to rebound. The current price is repeatedly fluctuating above the daily support level. $BTC
The bulls have attempted to break through 4 times but have failed. The market's liquidity is relatively poor over the weekend, and funds may prioritize flowing into altcoin segments, but Bitcoin's trend remains the market's barometer.
Daily support: The current price is stuck in the range of $102,500 - $103,500, which is a key area contended by both bulls and bears. A breach below this level may trigger a chain reaction of stop-loss orders.
Four-hour false breakout: Although the price briefly fell below the four-hour support level during the morning, the closing price came back up, indicating that the bearish strength is not strong and is more of a probing decline.
Operating suggestions:
Focus on the range of $102,700 - $103,000, which is the lower edge of the daily support band. It may be possible to attempt a long position with a light position, and it's recommended to set a stop-loss below $102,700.
Initially, aim for the resistance level of $104,500. If it can effectively break through, it may further advance to $105,500.
It is crucial to closely monitor the closing situation of the four-hour line. If the price can maintain above $103,500 for 3 consecutive candlesticks, it indicates that bullish strength is beginning to increase, and consideration can be given to adding to positions in anticipation of a rebound.