Midday Market Trend Analysis!💥
On the daily chart, the Bitcoin price is at the end of a triangular convergence pattern, with the angle between the descending highs and ascending lows compressed into a key range. After breaking the 104,000 support yesterday, it entered a downward channel. Although it rebounded back into the triangular area, the lack of volume has weakened the breakout momentum. Whether it can stabilize above the 105,500 daily middle line will be a dividing line for bulls and bears.
The short-term trend is stuck in a stalemate, with downward momentum easing but the rebound hampered by the 106,000 resistance. Yesterday, the price fell to 103,300 triggering a support rebound, and is currently oscillating around 104,000, with shrinking volume indicating a wait-and-see sentiment. If the trading volume does not effectively increase, the price may re-test the 103,000 support; if it breaks through 106,000 with volume, a rebound to 108,000 is likely.
More strategies to expect today, continuously laying out a positive outlook for personal medium to short-term trends!!