The previous text mentioned the construction of a W bottom on the 4H level for Bitcoin. After a pin test pullback at night, it continued to break upward during the day.
Then the bottom reversal is established, and the equidistant one-to-one position has also reached as expected.
Whether it can continue to rebound depends on if the bulls can regain support around 1155 during the pullback and stabilize effectively. Above is the descending trend line formed by connecting the high points in the entire high consolidation area of Bitcoin. If it can break through this range with volume and effectively stabilize above 1185, there is still room for upward movement for the bulls.
In the evening, pay attention to the support around 115. If there is a deeper pullback and a breakout, still focus on the support at 112 on the daily level.
Currently, the price is in a high narrow range oscillation, showing slight signs of stagnation. Some profit-taking longs are choosing to exit. In this position, chasing the price requires quick action and timely profit-taking. As for shorting on the left side, it requires patience to wait for the pressure test above before considering.
Bitcoin is expected to experience short-term fluctuations with an upward trend.
Upper resistance: 1175/118500/119500/120660
Lower support: 116400/115200/113700/112800