Wednesday Morning Market Thoughts
Based on the current daily candlestick pattern analysis, the bearish strength of Bitcoin is gradually diminishing, presenting a two consecutive bullish candlestick combination. In terms of price movement, it is essential to pay attention to the resistance level around 110,000, as this position may pose some hindrance to price upward movement. On the downside, the short-term support around 105,500 should be monitored first; if this support level is breached, further attention should be given to the critical support at 101,200.
Switching to the four-hour candlestick structure, although the bullish trend is pushing prices upward with consecutive bullish candles, there are signs of decreasing trading volume, and a divergence pattern has formed. This indicates a weakening upward momentum for the bulls. The upper resistance level to watch is around 107,500, while on the support side, the primary focus should be around 103,000. If this position is breached, the second-line support can be looked at near 98,600.
Looking at the one-hour candlestick situation, the bearish strength of Bitcoin is starting to increase, with trading volume expanding. Close attention should be paid to the support level around 104,600; if this support holds, the price will maintain a slowly upward ladder-like movement pattern in the short term.
Operational Advice: If Bitcoin retraces to around 105,800-105,300, look for upward movement towards 107,200-107,800.
