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Good morning everyone, I am Xinyi.
From the 1-hour candlestick pattern, we can see that Bitcoin has made a strong rebound and took me by surprise. As mentioned yesterday, if Bitcoin stays above 945, there won't be any downward movement in the short term. Because of this, the rounded top pattern is considered completed, with 996 as the short-term top and 908 as the bottom. The market chose to rebound at this time, and the strong upward movement is a sign of a breakthrough.
Many friends say that this pullback is too shallow, is it unsafe to go long? I believe that as long as the price does not drop below 943, this rebound will continue and we will attempt to break the new high again. We will continue to pay attention to the 985 breakthrough situation. If we touch 985, we will follow to 100. After the morning rebound, the current price has shown weakness and started to decline. We need to watch the support at 957-943. If it breaks down, this white rise will drop to the 900 mark before going long again. Maintaining the coin price in a strong range is necessary for a potential breakthrough.
Reference resistance above 972-985, Silk Road low long.
It is recommended to go long directly around 957 in the morning, with a stop loss at 952. If it drops to 943 and does not break, we can add another long position looking at 972-985.
Ethereum is catching up; it has already broken through the range, low long strategy is appropriate.
