Yesterday, the Bitcoin icon surged significantly, reaching as high as 93,888. It can be said that after breaking through the range between 83,000 and 86,000, the market makers raised it much more than expected. Initially, it was anticipated that the 20-week moving average around 92,000 would not be easily surpassed, but the market is always right. Since the 4-hour MACD has not crossed downward, there is still upward momentum. If it can break through 94,000, the resistance levels above are 95,000 and 96,000. We will continue to observe whether Bitcoin can stabilize above 92,000 in the next two days.
From a weekly perspective, the probability of a direct reversal to above 100,000 is very low; a pullback is needed again. So when will Bitcoin pull back? As emphasized in the past two days, we need to wait for the 4-hour MACD to cross downward.
As for whether to chase long positions in the short term, this blog believes that the current technical outlook suggests that Bitcoin's rebound is likely not over yet, as indicators and trends have not shown an end, but it is essential to maintain a good stop-loss.
Summary:
1. Bitcoin's rebound has exceeded expectations, and currently, indicators do not show a pullback, with strong resistance levels at 95,000 and 96,000.
2. It is expected that Bitcoin will need to pull back again, but we need to wait for a clear signal, namely the 4-hour MACD cross downward.
3. Be cautious when chasing long positions in the short term, and definitely maintain a good stop-loss.
