BTC has been oscillating above 83,000 for nearly a week. During this time, there were two breakouts above 86,000, but neither sustained. The range is still narrowing, indicating that a breakout is imminent.
Market Analysis
For the 4-hour analysis, there is no need for further analysis. Interested readers can refer to the market analysis on the 16th.
On the 1-hour level, it has been oscillating for a long time. The trend from the 12th to now has formed a 1-hour center. If it breaks above 86,000 again later, the probability of continuing to rise will be greater, as it will extend a rebound away from the center, with the target still focusing around 89,000.
However, if it cannot break above 85,500, it will definitely extend a 1-hour correction, with a target focusing on the range of 80,500-82,000. Therefore, short-term investors holding a short position should set their stop-loss at 85,500-86,000.
Short-term
For short-term trading, either chase the short at the current price or go long with a light position after the price breaks above 86,000. However, with reduced volume over the weekend, theoretically, the momentum to push prices upward is insufficient, so I personally do not recommend going long.
Direction: Long
Buy Point 1: Around 80,800
Buy Point 2: Around 78,800
