Is Bitcoin about to break new highs?
Bitcoin fell to around 105000 after breaking below 106000 yesterday, but it rebounded strongly. This rebound was really powerful, with the one-hour candlestick showing a controlled upward trend without volume, and the retracement space was just over 600 points. Anyone who shorted during this retracement couldn’t escape, as it directly broke through the upper pressure level of the descending channel at 109300.
However, it has not broken 110000 yet. This market could see a large bearish candlestick with no upper wick on the four-hour chart, which is likely a reversal point. For now, we can only try to short again. If it actually breaks 110000, the subsequent trend will be bullish, and we will look to go long. Breaking 110000 again represents the beginning of a new major upward wave. We need to pay attention to the area around 106500, as this level will be a strong support!
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