Bitcoin: Is the Adjustment Over or Will the Downtrend Continue?
Market Analysis
Bitcoin's price has shown significant fluctuations recently and is currently near a critical point. Bulls are attempting to rebound, but pressure remains substantial. Market sentiment is cautious in the short term, and attention should be paid to support and resistance levels.
Support and Resistance Levels
• Support Levels: $99,500, $98,000, $96,500
• Resistance Levels: $101,800, $103,500, $105,000
Short-term Trading Strategy
Long Strategy (Bullish):
• Entry Point: $99,800
• Add Position Point: $98,500
• Stop Loss Point: $96,200
• Take Profit Targets: $101,800, $103,500, $105,000
Short Strategy (Bearish):
• Entry Point: $101,800
• Add Position Point: $103,200
• Stop Loss Point: $105,500
• Take Profit Targets: $99,800, $98,500, $96,500
My Prediction
Based on the current trend, Bitcoin may continue to oscillate downward in the short term, testing the support below before attempting to stabilize and rebound. It is advisable for investors to be cautious in chasing prices and opt for a staggered entry strategy for better stability.
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