After two days of narrow fluctuations, the price quickly rose last night under the influence of a speech by Powell. The daily candlestick was a relatively long bullish candle, with trading volume more than double that of the previous day, but still within the normal trading volume range. The daily MA30 line is still in a downward trend, and the MACD shows weakening downward momentum near the zero axis. The price rose too quickly, leading to a pullback at the hourly level.
The fluctuations will decrease over the weekend, maintaining an hourly oscillating trend. The recent decline has not fully retraced; the price has dropped to the 3-day MA30 line, forming a rebound, but the 2-day EMA52 line is the strong support. Therefore, caution is needed after the rebound, as the price may decline.
The trend next week will be crucial. If next week closes with a bearish candle, then the weekly MACD will form a death cross, indicating a need for adjustment.
In any case, Bitcoin's decline and adjustment (stagnation) at high levels is a good thing, providing opportunities for altcoins to rebound and rise.
Daily resistance levels are 119900-125000, support levels are 112200-110440-109100-100650-93900.
