4.22 Bitcoin Faces Pressure and Retreats, Wait for a Pullback Before Continuing to Go Long
The price of Bitcoin, after some fluctuations, broke through to the upper band of the Bollinger Bands and has remained close to the upper band, indicating strong upward momentum. However, following a bullish pattern, a bearish engulfing pattern and a top formation have appeared, suggesting a risk of a pullback. The current formation of a doji and an inside bar also suggests a potential trend reversal.
In the short term, the price is operating near the upper band of the Bollinger Bands, with strong bullish momentum, but the evening trend shows signs of a pullback, so caution is warranted regarding potential reversal risks. Key support and resistance levels will be crucial to observe changes.
Pay attention to the key resistance level of 88500 and the support at the middle band of the Bollinger Bands at 85292. If the price effectively breaks through the resistance level, consider continuing to hold or adding to positions; if the price retreats to near support and stabilizes, then it can be a good opportunity to go long.
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Go long on Bitcoin at 85000-85500, with a target near 87500-89500. Stop loss at 84500.
Go long on Ethereum at 1530-1570, with a target near 1680-1820. Stop loss at 1500.
