Bitcoin encounters resistance at the 100,000 mark! Could it drop to 87,250 in the worst-case scenario?
Although I hope BTC skyrockets, it is rare in the crypto world for prices to only rise without any drops. It is normal to see pullbacks after significant increases, as mentioned yesterday. Currently, it is essential to stay defensive, so it is wise to hold steady for now and wait for a signal, which is to confirm the upward trend again or to enter at critical support levels. Those who have already entered the spot market can choose to hold, as in the long run, Bitcoin's pullbacks are temporary. 100,000 is just the starting point, and my expectation for January next year is between 120,000 and 140,000. Last night's strategy had a slight dip, but it didn't have a significant impact, and I also made moves around 96,000/3316, which were basically executed as expected.
From a broader trend perspective, Bitcoin will likely first undergo a sideways adjustment at this position, with a possibility of a slight rebound before continuing the downward movement since it has already broken downwards. There is certainly some space left for the downward movement to play out. Moreover, the hourly chart shows that the selling pressure is also diminishing, indicating that it will enter a consolidation phase in the short term. This position is not suitable for direct trading, but rather to identify key resistance levels! #BTC☀ #ETH🔥🔥🔥🔥
Bitcoin is trading around the 97,700-98,100 range, with an expected target of 96,000. Ethereum is trading around the 3,360-3,380 range, with an expected target of 3,280.
