Bitcoin is consolidating around $116,618, and the next wave of upward momentum is brewing!
BTC recently broke through the key resistance of $115,500 and is currently forming solid support at $112,500 and $108,500, resembling the pattern before the sprint to $100,000 by the end of 2024. On-chain data shows that 70% of short-term holders are still in profit, and selling pressure is weakening as institutions continue to buy.
Trading Strategy Tips:
Focus on confirming the breakout of the $115,500 resistance, with a short-term target looking towards $120,000 or even higher.
Consider positioning on dips within the support range of $112,500 to $108,500, with risk control being key.
Always pay attention to the profit status of on-chain holders as a reference indicator of market sentiment.
What do you think about the current Bitcoin consolidation?
Will you choose to buy on dips or wait for a breakout?
Leave a message to Su Ge with your trading strategy!
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