10.25 Bitcoin Pullback Rebound Trend! New High Surge Begins?
Yesterday, Bitcoin fell to around 65000, then the price quickly rebounded, returning to above 67000. This was the general situation of the market when we analyzed it yesterday.
Subsequently, the market provided a downward correction, pulling back to around 66700. This position, as shown in the chart, is the bottom of the small range that was previously broken. Yesterday, the price retested this position and continued to move upward, and so far the highest price has reached around 68800. Now, the price has pulled back again.
The current price is around 68000, and we can still see from the above chart that this position is also very critical, as it is the top of the small range that was previously broken. Now it has just retested this area. It seems that the price is likely to find support here, with a trend to continue rebounding upwards.
Looking at the four-hour level, we mentioned yesterday that the price might experience a large volatile range at the top. At that time, the price was still near 67000, and now it has rebounded back to above 68000. It is relatively close to the top of this large range, but the price has not yet reached it, and there is still some space.
Once the price reaches the top position, which is the previous high, I believe there is a chance for the price to continue testing this key resistance above. The previous highest price was around 69500, and there is an opportunity to break through this level. It seems the key is to stand above the expected position.
Continuing to look at the daily level, we can see that the price previously pulled back to around 65000, and at the daily level it also appears to have roughly retested the middle line of the Bollinger Bands. Yesterday's daily line closed with a large bullish candle, which means this wave of trend is also a pullback to the middle line of the Bollinger Bands, continuing the rebound trend. The first target is to see Bitcoin continue to reach the previous high, and we hope Bitcoin can break through the previous high to initiate a strong upward trend.
