6.8 Sunday Bitcoin Market Analysis
Yesterday, Bitcoin's price experienced wide fluctuations without much of a pullback, touching the low of 103800 and continuing to rebound. The market price has been moving upwards throughout the day, currently operating around 105600. The overall trend during the day has not changed; although Bitcoin has rebounded, there is significant resistance above. If it cannot break through one by one, there remains a risk of a pullback.
On the daily chart, the Bollinger Bands show a parallel opening posture, and a double bottom structure has formed recently at the daily level, with the low around 100300. The hourly chart shows consecutive bullish candles breaking through the key integer level of 105000; however, the last candlestick has a long upper shadow. Although the market has rebounded, it continues to operate within the lower middle band area of the daily chart, and it is now approaching the middle band. If it cannot break through, there is a risk of a pullback. Conversely, if it breaks and stabilizes above the middle band resistance, there is potential for the market to move towards the resistance area of 107000. The key resistance area above to watch is around 106500, with the main operation being to sell on rebounds.
Daily trading suggestions refer to:
Bitcoin: Sell at 105800-106500, target below 104500.
Strategy suggestions are for reference only; the market is ever-changing. Regardless of how confident you are in market judgments, always carry out take-profit and stop-loss measures to secure your gains.
