In the afternoon, as expected, there was a pullback to around 104500 followed by a rebound. Lao Chen's long position setup was also precisely timed for entry. The thirty-point rebound clearly lacks continuity, and many long positions have exited early.
Currently, it seems that the market is in a strong wait-and-see mood. During the day, it mainly maintained a volatile adjustment. In the evening, with the opening of the US stock market and subsequent comments from Old Bao, the cryptocurrency price may experience some significant changes. However, Lao Chen predicts that it is highly likely that his views will continue from before, without providing clear guidance on whether or when interest rate cuts will occur, as always, with much ado but little effect.
On a smaller timeframe, the four-hour line showed multiple attempts to break the upper track during the day's trading, all ending in failure, causing severe pressure. The cryptocurrency price mainly oscillates around the 105000 line, with quick ups and downs, but none have broken through key levels. The short-term direction is unclear, and after the technical indicators' upward momentum slowed down, downward pressure has increased.
On the hourly chart, the bag mouth is continuously tightening, and the short-term range is once again converging, facing the problem of breaking through key levels and maintaining continuation afterward.
In the evening, we need to first observe the support situation at 104500. If it breaks down, we can continue to look at 103000. Above is 106000, and if that level is broken, we can extend the view to around 107000. $BTC
