10.28 Bitcoin Tries to Break Through Again! Will It Succeed Today?
On the 25th, Bitcoin attempted to rebound and break through again, but when the price approached around 68,700, which is the resistance at the previous high, it was unable to succeed in breaking through. Subsequently, it began to decline relatively quickly, with the lowest price dropping to around 65,600.
This position happens to have support from the previous low, and the price temporarily held here, rebounding back to around 67,000. Then entering the weekend, the Bitcoin price has been consolidating around 67,000 for almost two days.
Then last night, the price started an upward trend again, briefly touching 68,000, but as of now, it is still slightly below 68,000.
Looking at the current situation from a four-hour perspective, we can see that the price has begun to show a converging fluctuation at the top, forming a triangle pattern. We have always said that triangles are a very complex pattern. Last night into the early morning, the price rebounded to the highest point, which just touched the descending trend line at the top of this triangle.
If the price cannot break through, it looks like it will likely retrace to the bottom trend line of this triangle, currently estimated to be around 66,000. From today's situation, the probability of breaking through does not seem high, so it appears there might be a short-term opportunity to short.
However, everyone should note that it is best to enter when there is a failure to break through at a relatively high position, as we can refer to the situation we initially analyzed, where the price returned to the previous high and failed to break through. The decline on the 25th was after two attempts to break through, with the second attempt failing, which then initiated a rapid decline.
The current price is certainly at a high position. It can be clearly seen that after the price rose, it reached around 68,600 to 68,900, continuously failing to break through, leading to the formation of a converging triangle. This converging triangle may still have the opportunity to make an upward breakthrough. Personally, I suggest waiting for a pullback to the support of the trend line below the triangle; trying to go long at this position might be a better choice!
