#BTC☀

Let's analyze Bitcoin rationally

Bitcoin is currently at the range of the previous trapped positions, which has trapped a large number of chips. This trapped area cannot be easily broken unless there is significant good news to stimulate it, or Bitcoin has made sufficient adjustments to accumulate energy for a possible breakout.

Bitcoin has also rebounded close to the Fibonacci 0.618 level, and the probability of an upward surge to 100,000 in the near term is not high.

Additionally, with the Token 2049 conference in Dubai tomorrow, will Bitcoin continue to drop during the event?

Here, we also need to be defensive in the short term.

Another important reference point is the 120-day moving average, which is currently at 91,700. In the short term, it is above the 120-day moving average, so the short-term outlook is not too bad.

However, once it falls below the 120-day moving average, it could trigger panic selling.

For Bitcoin, the higher it rises in the short term, the more one should take partial profits rather than chasing the price up, as chasing is not cost-effective.

When Bitcoin is in consolidation, funds will flow to altcoins, so pay more attention to altcoins. If Bitcoin falls below the 120-day moving average, be sure to take some hedging actions to reduce positions. #btc