The big pancake has once again surged to around 98200. Do the bears still have a chance?
Currently, the Bitcoin price is close to the 100,000 mark. Considering the current price position, I prefer to only take short positions and not participate in long positions.
Bitcoin price is around 98200, and the BOLL band in the daily chart is beginning to narrow. From the four-hour level, this price point has certain pressure, and it is currently not suitable for going long.
The upper band of BOLL is forming pressure on the price, and in the short term, the 98200-98880 range is the main pressure zone.
The support level below needs to pay attention to around 97000. Once the price reaches that position, consider reducing positions or setting a breakeven stop loss.
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Small-level analysis:
Hourly chart: The RSI9 shows signs of a downward turn, and the OBV indicator is also showing a downward expansion of demand, indicating that there may be a pullback pressure in the market.
30-minute chart: The KDJ is about to form a death cross, indicating a high probability of a pullback trend in the short term. Therefore, this position is suitable for taking a short position.
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Operational advice:
Entry point: It is recommended to short around 98150. If the price rises to around 98880, consider adding to the short position.
Stop loss setting: Defensive stop loss set around 99200.
Target range: Aim to go down to 97200, 95700. If these support levels are broken, the short position can continue to be held, targeting lower price levels.
Overall, the current market is showing certain pullback pressure in the short term, making shorting a more appropriate operation, but strict stop loss and reasonable position management are required.
