Bitcoin, in recent days, has been fluctuating with the bulls repeatedly testing the upper resistance at the 120,000 high, which has been suppressed and retreated. Currently, the price is running near 117,500, and the market has once again fallen into a period of consolidation. During this time, there have been many reversals. When monitoring the market, it seems that the momentum is about to rise or break through the range, but when you chase in, it’s either a ceiling or a floor. I believe many have suffered losses during this turning point these past few days. Now, returning to the overall situation, a calm judgment shows that the momentum is neither extremely strong nor extremely weak; it is still in consolidation. For those looking to break even, it is advisable to wait a bit longer and be patient; a solution is not far away.
Regarding today’s market rhythm, the current migrated pattern has not ended. Although there was a rebound yesterday, it was not a very strong rhythm. The pressure at 120,000 remains strong. With significant resistance, one must test step by step. The current stage is in an adjustment phase, and the rhythm displayed is still that of the migrated pattern. In the early session, the market slowly rose, and the afternoon's momentum will be our focus extending into the evening. The upper resistance is concentrated at 120,000, with support at the lower Bollinger Band at 117,000. In the short term, the signals on the 4-hour level are leaning towards bullish, so in terms of operations, we can go long first. If the upper resistance is not broken, then consider going short!
