Yesterday, the Bitcoin icon slightly retraced to 83949 before rallying. Overall, it still remains within the range of 83000 to 86000. The market maker has been oscillating here for about a week, and a direction choice is imminent. From the daily and 4-hour levels, this blog believes that the likelihood of breaking the box upwards is higher. After breaking 86000, we will look at the range of 87000 to 90000, but specifics still depend on market trends. If going long here, the stop loss needs to be set at 83000.

The daily line is running above the 20-day line at 82900, which indicates that it is still in a bullish trend icon. Last week, the weekly Bitcoin chart closed with a bullish weekly candle, and this week it is expected that Bitcoin will encounter resistance and pull back. We will see how it performs after breaking the box; if it breaks upwards, there is no need to chase the highs because it will likely come down again afterward.

There are benefits to trading within a box; some may high sell and low buy within the range, but it is important to note that once the box is broken, one should not approach it with the same box mindset. Previously, a trading expert suggested always viewing the market as a trending market. Once you get used to small fluctuations within the box, you might miss out on the big trend if it breaks out!!!

Summary:

1. Bitcoin is about to break the balance of the box in the short term, with a long position stop loss at 83000 and a target of 87000 to 90000.

2. It is expected that this week, Bitcoin will start to pull back after reaching a high point.