$BTC

Bitcoin is in a "critical area," encountering competition for the support level at 93500 after a triple breakout. Bitcoin is attempting to convert more important resistance levels back into support levels.

On the daily chart, Bitcoin shows a bearish candle from the previous K line. After opening lower during the day and testing downward, it rebounded to stand above the 7-day moving average, with the Bollinger Bands indicating an upward trend and signs of narrowing in the short term, with moving averages arranged upwards. Currently, the coin price has been fluctuating between 92000-96000, forming a relatively obvious range of oscillation.

Personally, I am not very satisfied with the drop in coin price on Monday. I didn’t expect it to complete all retracements in one day, but at least it should have shown a decline. The result is that by midnight, it only dropped back to around 93500. If this continues, it will extend the trading cycle. Many people were trapped by the low position short orders during last week's sharp rise, hoping that this market will drop soon so they can get out of their positions.

Short-term suggestions for Bitcoin:

1. Sell at 95000-94300, stop loss above 96000, target 93200-92500, continue to look for further declines around 91700.

2. Buy at 92300-93000, stop loss below 91500, target 93500-94300.

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