The market has unexpectedly welcomed a turbulent adjustment after a surge, with Bitcoin rebounding after touching the 109000 level, but it still failed to break the previous high point in the early hours. The altcoin initially surged to 2618 in the morning but quickly fell back to around 2590 for a turbulent adjustment.
Overall, we need to discard the inherent thinking that a big rise will be followed by a big drop. Currently, the norm is turbulence after a big rise or drop.
After breaking the downward channel on the daily chart, it did not continue upward but faced strong resistance from the upper boundary, and the wide-ranging fluctuation pattern has not changed.
After four consecutive bearish candles on the four-hour chart, it has turned into a series of bullish candles, but with the momentum gradually diminishing, the upward movement is facing setbacks, resulting in increased short-term downward pressure. The test of the key support level at 108500 is becoming more pronounced, and only by successfully completing the key conversion of resistance and support levels can upward space be opened! Looking at the hourly chart, after the surge, a small box range fluctuation structure emerged, and the continuation after breaking the range restrictions will not be very strong.
In the morning, for the short-term Silk Road Bitcoin, consider going long near 108500 and target 110500; for the altcoin, consider going long near 2580 and target 2630.
