Testing 108366 key area after a decline, currently a triangle convergence or the end of a secondary test before the previous high

In the market view from the day before yesterday, it was believed that if Monday did not break below 102700, it would confirm a bottom followed by a rebound, with an upper target of the order block vacancy at 108366. After the market completed a fill in the morning on Tuesday, it dropped again due to news.

On Tuesday night, Bitcoin dipped to the 103400 range but did not break down, and has since recovered, currently operating in the 104-105 range.

The subsequent movement will provide three predictions

First, the triangle convergence continues, Bitcoin will neither break below the diagonal support nor break above the upper resistance, continuing to oscillate in the narrow range of 108-104 before determining a direction.

Second, it is considered that the horizontal level's "second probe" has ended, and the market continues to test the previous high range of 110000-112000. Because the key position at 103 held firm, such expectations emerged.

Third, there is a direct breakdown testing the 98 and below range. This range will provide support and then rebound upwards.

Overall, our short-term judgment on the top of 108366 on Monday was correct, and choosing to take profits on Bitcoin long positions in a timely manner was also correct. However, after reaching 108366, I subjectively believed it should oscillate above the support of 106 rather than break down, but this idea has currently been falsified. Today, Wednesday, the FOMC will provide assistance, and we will observe which direction the market will run based on the conclusions given by the FOMC and the dot plot.