After rebounding to around 88,500 overnight, the Bitcoin market has pulled back. Bulls have failed to sustain the upward momentum, and the current price is consolidating around 87,000.
From a technical perspective, after a series of rebounds on the daily chart, today may form a doji, indicating a weakening of bullish momentum. The BOLL bands are beginning to flatten, signaling that the market is entering a phase of wide fluctuations.
In the short term, attention should be paid to the support in the 84,300-85,000 range. If it holds without breaking, it will continue to consolidate.
On the 4-hour chart, after a series of bullish candles, we are seeing a bearish reversal, with declining volume, and neither side has formed an effective breakthrough.
The hourly chart shows a step-down pattern, with the highs of the rebounds gradually decreasing, indicating a weaker short-term structure.
The current price is still at the upper edge of the consolidation range. It is recommended to primarily hold short positions and wait for a pullback to the lower edge of the range before considering long positions.
If Bitcoin rebounds above 88,000, one can enter short positions in batches, aiming for targets around 86,000-85,000; if it stabilizes after a pullback near 85,000, one can consider switching to long positions. Short-term operations should continue to focus on buying low and selling high, with attention to risk control.
The current market is in a phase of fluctuation, and the double-top pattern has not yet been fully confirmed. Operations should focus on short-term trades, paying attention to key support and resistance breaks.
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