4.24 Thursday Bitcoin Morning Thoughts

Last night, Bitcoin fluctuated significantly after the US stock market opened. After a rise, it began to pull back, reaching a low near the 91,900 point mark, breaking through the support level of 92,000 points. However, it quickly rallied again, indicating that the bullish momentum for Bitcoin is still strong.

Currently, the price of Bitcoin is hovering near the middle band of the Bollinger Bands, in a difficult situation for both upward and downward movements. Most people are bullish, looking towards the 98,000 point mark and then continuing upwards, breaking the 100,000. It’s not to say that this opportunity doesn’t exist. Throughout the rising process of Bitcoin, the entire pullback has only been about over a thousand points. Currently, a large portion of people who added positions have an average price near the 93,000 point mark, and most of the strong positions are around 96,500. Therefore, if Bitcoin wants to have a significant drop, it must liquidate all these short positions.

That said, my view is also bullish, but the overall rhythm will focus on high shorts.

Bitcoin Morning Trading Suggestions

Short near 94,000 to 94,500, looking towards 92,000. If it does not break downwards.

Long from 92,000 to 92,500, looking towards 96,000.