Thursday Morning Thoughts

Recently, Bitcoin has formed effective support at the 112000 level after multiple dips. The overnight price has already risen above 114000, indicating a potential change in short-term trends.

In the 4-hour chart, after bottom support, there has been a series of upward movements. As the Bollinger Bands form a contraction pattern, the recent weak downward trend seems to have halted, with various indicators turning upwards. In the short term, the downward continuation appears limited, and we will first look for a rebound action during the day.

For Bitcoin, consider buying around 113800 and 113500, targeting 115000-116000.