Bitcoin rebounded from the lowest point of 100,372 dollars at 4 AM today, holding the 100,000 integer mark, and then rebounded slightly to the current 104,200 dollars, a rebound height of nearly 4,000 dollars. The main factor is that there is strong support and buying sentiment at the 100,000 mark. After all, the price has fallen nearly 12,000 dollars from the top of 112,000 dollars, making it relatively cheap compared to the peak, so there is a certain amount of bottom-fishing buying.
For the selling pressure, it gives the bulls a chance to breathe, releases buying sentiment, and is more favorable for the subsequent selling. In this case, the chips can still be sold at a high price while increasing the market's ability to absorb, avoiding panic and waiting actions. Therefore, there may be obvious inducement to the bulls next, providing sufficient hope for the bulls, and the price may quickly rise before stopping the rally and then selling.
The badge indicates that the current short-term bullish pattern of BTC has been destroyed. Without two consecutive large bullish candles on the daily line to boost morale, the pattern is difficult to recover. It is expected that the mid to short-term will continue to follow a path of volatility and decline towards 94,000 dollars for stabilization. Of course, this will not be reached quickly, and there may be multiple fluctuations of rises and falls along the way.
Therefore, for this rebound, the badge believes that the price will not be too high. The pressure at 107,000 will still be effective, and the expected maximum rebound range remains within the pressure area of 105,500 - 106,500 dollars. Regarding entry participation, it is not recommended to blindly chase longs above the 104,000 area, as the profit margin is insufficient, and it may encounter continued selling at any time.
The entry suggestion is to place an order to wait for a short position at 105,000, with a stop loss maintained at the strong resistance of 107,000. In the short term, look at 102,500 and 101,500 dollars. For medium to short-term short positions, consider 98,000 dollars.
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