Bitcoin Hits New High Again, Market Analysis
During the fluctuations within this range, I mentioned that a small position could be taken to watch for subsequent breakout rallies. Today, Bitcoin has reached a new high again. The performance after Bitcoin broke out of the range yesterday wasn't very good, coupled with insufficient liquidity over the weekend, the rebound after yesterday's breakout was not strong, and there was no analysis released yesterday due to the weekend break.
The recent rally of Bitcoin started at 6 AM today. From an hourly perspective, the first candle broke the previous high with increased volume and pulled back halfway. The second candle had reduced volume but was still a large bullish candle, then directly retraced halfway, closing with two long upper shadow candles, clearly indicating a false breakout to entice buyers. If today’s rally had been a healthy steady upward trend instead of this unhealthy spike, I would have seen the target for this rebound around 110,000. Currently, the resistance level for Bitcoin is around 105,567, while the support levels are the previous highs of 104,128 and 103,127. The upward trend has not ended; after such a rapid surge, there will always be a need for a pullback. Those who haven't entered can await a setup near the two support levels for a rebound after a breakout and pullback. If it stabilizes above 105,567, the next target will be around 109,923.
