After two days of narrow consolidation, Bitcoin surged quickly last night due to the stimulus from Powell's speech, closing with a relatively long solid bullish candle on the daily chart. The trading volume more than doubled compared to the previous day but remains within a normal range. Currently, the daily MA30 is still in a downtrend, and the MACD near the zero axis shows that the bearish momentum has weakened. Due to the rapid short-term rise, there has been a demand for a pullback at the hourly level.
The weekend is expected to return to slight fluctuations, mainly characterized by hourly oscillations. Although the price previously found support and rebounded at the 3-day MA30, the real strong support is located around the EMA52 of the 2-day line, so caution is still needed for another downside after the rebound.
The market trend next week is crucial. If the weekly chart closes bearish, the MACD will form a death cross, indicating that the adjustment may continue.
However, for the market, Bitcoin entering a high-level consolidation or a phase adjustment is not a bad thing; it can actually provide space for altcoins to rotate and rebound.
In terms of resistance and support, on the daily chart, attention should be paid to the resistance range of 119900-125000, with support levels at 112200, 110440, 109100, 100650, and 93900 in order.
