Where are we now? Let's look at the chart; BTC is currently hovering around 100,305. It's like driving a car, with a few mountains blocking the road ahead.
Where is the 'mountain' above? The closest and most critical is around 108,917, and above that, 110,653 is an even tougher nut to crack. Why do I say this? Several times before, when the price surged here, it was like being hit down with a stick, falling back.
Is the 'cushion' underfoot firm? Looking down, 102,540 serves as a temporary stepping stone; if it truly breaks below, we may need to look for support lower down. Recently, prices have bounced here, temporarily holding some pressure.
How does Jin Zhu view resolution?:
This market situation is a typical consolidation phase, feeling stuck without moving up or down. Friends wanting resolution really need to focus on those key prices on the chart; they are the market's 'sentiment thermometer' and 'bull-bear tug-of-war line'!
Want to see a bullish resolution? The key is that the price must hold above 108,917! It's like tug-of-war; the bulls have finally pulled the rope past this critical line, proving that a rebound is possible, and there is hope for an upward move. At that point, we can consider reducing positions or waiting for higher opportunities.
Don't be too optimistic, caution is key! If the price continues to linger below 108,917, getting pushed down each time it tries to rise, it indicates that the bears still have the upper hand! It's likely to continue fluctuating within this range, and there may even be a further test of lower support levels. At this point, patience is required, or set strict stop losses.
Jin Zhu's simple summary strategy:
Keep a close eye on two key points: around 108,917 and around 102,540.
Did it effectively break above 108,917 and stabilize? Then the opportunity is here, and resolution is hopeful!
Still being pressured and unable to rise, even breaking below 102,540? Continuing to grind or being even more dangerous, do not resist stubbornly.
As the market continues to change, we need to closely monitor market signals and seize new entry opportunities. Like and comment, and let's navigate through the bull market together to seize this big opportunity!
