On Thursday evening, Bitcoin continues to maintain small-scale range fluctuations. Is there still a chance to test the key resistance at 89500?
In the short term, the price is at the bottom of the range's lower boundary on the hourly chart. Yesterday, there was a breakthrough on the hourly level; the range has shifted from contraction to expansion, and the price briefly fell below the range before temporarily rebounding. After the decline, a slight top divergence appeared on the hourly chart, and the overall trend is in a parallel state. The four-hour chart's range trend is in an upward state, which has caused the price to fall back to the lower boundary of the range, currently stabilizing temporarily. However, overall, the four-hour trend still maintains a bullish posture.
On the daily chart, the price is at the upper boundary of the daily range, and the overall daily range is accelerating its contraction. The resistance at the top of the range has now fallen below the key resistance level of 89500. The daily chart is currently in a parallel posture, slightly altering the previous downward trend. Overall sentiment is still slightly bullish, so the strategy is to maintain a low long position.
As for short-term pressure and support, the 200-day trend line on the 4-hour chart is at 86400, and the daily key resistance at 85500 serves as crucial downward support. The resistance above can refer to yesterday's high of 87500 as a point for measuring intraday rebound strength. Currently, there are two important resistances; 88760 is the small previous high on the daily chart, and whether the price can break through here could confirm a short-term top on the daily chart. If a breakthrough occurs here, it refers to the previously mentioned key level of 89500.
Therefore, for short-term trading, in the evening, Bitcoin should be directly bought on a retracement to the 86000-86500 range, with a target aimed at 88000-89000. If it breaks, continue to look for an extension!
In facing the market, one should follow the trend, assess the situation, and never be blindly stubborn! Wishing everyone smooth sailing, always present, with excellent market sense; those who understand will understand!
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