Thursday Thought Analysis
Last night, under the influence of relevant news, the overall performance of Bitcoin remained relatively stable, with a narrowing price fluctuation range and no significant unilateral market movement. From the specific trend, the price attempted to break through the key resistance level of 115800 but gradually fell back after encountering bearish pressure at that position. As of now, it is still maintaining a volatile consolidation around the integer level of 115000, with both bulls and bears in a stalemate in this range.
From a technical perspective, the four-hour chart clearly shows the W-bottom pattern characteristics. This pattern is typically regarded as a potential reversal signal, indicating strong support below. After confirming the bottom twice, bullish strength is gradually accumulating. Meanwhile, this timeframe also exhibits the trend characteristics of the Bat pattern, which, as a type of harmonic pattern, further reinforces the judgment that the current price is in a key reversal area. Considering the changes in trading volume, although bullish momentum has not fully erupted in the short term, the overall trend has not ended, and there is still the possibility of a breakout to the upside.
Trading suggestion:
Buy Bitcoin on a pullback to the 114300-113500 range, targeting 116700-117400. $BTC
Last night, under the influence of relevant news, the overall performance of Bitcoin remained relatively stable, with a narrowing price fluctuation range and no significant unilateral market movement. From the specific trend, the price attempted to break through the key resistance level of 115800 but gradually fell back after encountering bearish pressure at that position. As of now, it is still maintaining a volatile consolidation around the integer level of 115000, with both bulls and bears in a stalemate in this range.
From a technical perspective, the four-hour chart clearly shows the W-bottom pattern characteristics. This pattern is typically regarded as a potential reversal signal, indicating strong support below. After confirming the bottom twice, bullish strength is gradually accumulating. Meanwhile, this timeframe also exhibits the trend characteristics of the Bat pattern, which, as a type of harmonic pattern, further reinforces the judgment that the current price is in a key reversal area. Considering the changes in trading volume, although bullish momentum has not fully erupted in the short term, the overall trend has not ended, and there is still the possibility of a breakout to the upside.
Trading suggestion:
Buy Bitcoin on a pullback to the 114300-113500 range, targeting 116700-117400. $BTC
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BTC
118,506.1
+1.60%