11.20 Bitcoin continues to reach new historical highs! However, the breakthrough is not significant, will there be a decline?
In our recent analysis articles, we often mention that Bitcoin is currently undergoing a converging triangle oscillation at a high position. In fact, we saw yesterday that the price has already broken through this converging triangle oscillation. Since it has broken upward, we believe the probability of the price continuing to rise is quite high.
So far, we can also see that the subsequent Bitcoin market has been fluctuating upward. In the early hours of today, the Bitcoin price has continued to break through the previous highest point, creating a new historical high. However, the subsequent market has not been able to continue to surge, but rather has shown signs of a downward pullback after a failed breakthrough.
However, the current pullback is not very deep and is still at a high position. It seems that the upward movement is becoming hesitant. We can slightly speculate that after the failed breakthrough and downward pullback, Bitcoin may enter a sideways oscillation range.
As shown in the diagram above, although Bitcoin broke through the historical high in this wave early this morning, there weren't many points before the breakthrough. It is very likely that this is a failed breakout from the box. However, from the perspective of the box, it is very normal for Bitcoin's price to subsequently pull back to the bottom of the box, which currently seems to be around 86400.
This is a scenario we can roughly consider for the subsequent market. However, considering the fluctuating upward trend of this wave of Bitcoin, the current pullback is not particularly large. As shown in the diagram above, the short-term trend line has not been broken, so I believe it may continue to fluctuate upward.
I think as long as Bitcoin remains above 91000, it will continue to oscillate at a high position, and there is still a possibility of breaking upward at any time!
