Crypto Circle Scholar: 8.8 Bitcoin Bulls Hit Resistance, Southbound Movement Activated! Latest Market Analysis and Reference Suggestions
Current Bitcoin Price 116400, now it is 1:40 AM Beijing time, the double top has not formed, a surge followed by a hanging line has appeared, southbound entry at 116500, this is the first southbound entry point given in yesterday's article, the suggested defense point is set at 117300, if broken, find a position to stop loss and exit. Now the price has once again reached a high position, and the market is unlikely to experience sharp rises or falls in a short time, only small range fluctuations. The support at the lower Fibonacci retracement line is 113000, if it doesn’t break, you can take profits and move northbound.
Before the publication of the daily candlestick, the highest point was 116800, the lowest was 114200. The candlestick broke through the trend indicator high point and encountered significant resistance. The MACD has continuously decreased in volume, and the DIF and DEA are contracting above the 0 axis. The Bollinger Bands are currently facing resistance at the mid-band pressure level of 116700, and there has been no effective breakthrough, so the southbound movement is valid in the short term. If the main force effectively breaks the mid-band, short positions need to stop loss and exit to move northbound, with the target reference at the upper band pressure level of 120750, and the lower band focusing on 112600.
Currently, the key resistance level in the four-hour candlestick is at the Fibonacci retracement line of 0.236 at 117350. It has already retraced and stood on the trend support at 115600, pulling back to above 116000. The MACD has continuously increased in volume, and the DIF and DEA dual lines have broken the 0 axis and entered the upward zone. The candlestick has returned to the Bollinger Bands channel, and the upper band once again forms a pressure level at 116600, with mid-band support focusing on 114700. In the short term, cryptocurrency friends moving south should pay attention to the mid-band. If the mid-band encounters resistance, consider taking profits and moving northbound afterward.
Short-term strategy reference: The market is not 100% certain, so always set stop losses; safety first, small losses with large gains is the goal, especially when breaking key resistance and support, stopping loss is still necessary, do not hold positions.
Northbound trial entry point from 114500 to 114000, defense at 113500, stop loss 500 points, target looking at 115000 to 115500, if broken look at 116000 to 116500.
Southbound trial entry point from 116500 to 117000, defense at 117300, stop loss 500 points, target looking at 116000 to 115500, if broken look at 115000 to 114500.
Specific operations depend on real-time market data; for more detailed information, you can consult the author. There may be a delay in the publication of the article; suggestions are for reference only, and risks are to be borne by yourself.
