🏮Bitcoin Market Analysis🏮
Bitcoin has once again broken through a new high, and market sentiment does not seem to be very high. Against the backdrop of Christmas and the end of the year, profit-taking will increase, which means there may be a wave of upward momentum following tonight's interest rate decision.
Can it hit 110000??
🚬 Currently, I personally see the limit around 109500—110000. The ideal scenario is a quick spike after the interest rate decision, followed by a daily level correction, entering a wide range of consolidation for more than a month, and then continuing to reach new highs. However, this ideal scenario requires a daily level breakout followed by a bearish candle.
🚬 It is also possible to dip down for an hour or two to find support, then continue to rise. This support can be seen at 101197—99854—99185. A rapid decline after the data release can also refer to this support.
If the market does not react or continues to decline, the situation remains unclear, and opening a position is not recommended.
Wait for the interest rate decision and other important data to be released. Once a position is opened and turns profitable, always be ready to set a breakeven stop loss. The market's rhythm of change can be quick, and the likelihood of normal stop losses being hit is high. A breakeven stop loss seems to be the best choice before the direction of the market is confirmed that night.