BTC daily chart begins to rebound, weekly reversal awaits confirmation after breakout!
Currently, the daily level shows a rebound, with upper resistance at 117000-118000. If it fails to break through, it will start a daily wave 5 down, and the weekly correction wave will continue to new lows;
After a deep dip, BTC rebounded on Sunday, retracing to the lower trend channel in 4 hours. The daily chart briefly broke the 113000 support but pulled back. The daily SKDJ bottom golden cross has initiated a 4-wave rebound, with at least 3 daily candlesticks. The upper resistance is near the trendline at 117000-117500. If it cannot break through, it will turn into a new low in wave 5 down;
Weekly: BTC reached a new low last week, with the weekly correction wave showing a minimum of 3 candlesticks. The correction trend is established, waiting for no new lows and a breakout above the trend resistance at 118000 to revisit the reversal possibility; combined with the daily trend that cannot break through 117000-118000, the structure of daily wave 5 down begins, and it may need to oscillate and correct for another 2 weeks;
