Last night, BTC staged a fierce offensive, once climbing to a high near 98,700. However, the short-term upward momentum has weakened, and the current price is oscillating around 97,000. It is worth noting that weekend markets often come with lower volatility, and market sentiment is leaning towards caution. Short-term operations should not cling to trends; a strategy of selling high and buying low is more prudent.
Technical analysis
1. Hourly level trend
Bollinger Bands: Current price is running between the middle and upper bands, with a slight upward potential in the short term, but there is obvious resistance at 98,000. If it fails to effectively break through, it will trigger a certain risk of correction.
MACD Indicator: Bulls and bears are in a stalemate, with the DIF line and DEA line adhering above the zero axis, and the red histogram momentum decreasing. The bullish strength is weakening in the short term, but the market has not yet clearly turned bearish.
Candlestick pattern: Weak upward movement at highs, with long upper shadows indicating heavy selling pressure; lower shadows show that buying support is still relatively solid, maintaining a range-bound oscillation pattern in the short term.
2. Daily level trend
Moving average system: The short-term MA7 and MA30 maintain a golden cross pattern, indicating that the overall trend is still bullish, but the candlestick is approaching the upper resistance area, with insufficient bullish momentum.
Volume analysis: After a surge in volume last night, the current volume is gradually shrinking, indicating strong market wait-and-see sentiment and limited momentum for chasing higher prices.
Key support and pressure
First resistance level: 98,000 (Bollinger Band upper band).
Second resistance level: 99,000 (previous important resistance level).
First support level: 96,800 (near the Bollinger Band middle band).
Second support level: 96,000 (psychological key support).
Psychological level: If it falls below 96,000, it may test the 95,000 area support.
BTC operation suggestions
Long position layout for correction
Entry range: 96,200-96,500 (close to support level).
Stop-loss level: 95,800 (to prevent further breakdown).
Target: 98,000 (First Target); 98,700 (Second Target).
Rebound short position layout
Entry range: 97,900-98,200 (close to resistance level).
Stop-loss level: 98,800 (to avoid short-term breakout risk).
Target: 96,800 (First Target); 96,000 (Second Target).
Market prediction and subsequent observation
Short-term trend: Currently, BTC is still maintaining a range-bound oscillation, with cautious market sentiment and neither the bulls nor bears holding a clear advantage. Short-term strategies need to be flexible, focusing on the breakthrough at 98,000 and the stability at 96,000.
Risk warning: If BTC falls below 96,000, it will trigger further adjustments, potentially testing support below 95,000; conversely, if it holds above 98,000, a new round of upward movement may occur.
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