Market Review Yesterday
BTC faced resistance at $99,660 yesterday and fell back, quickly breaking below the key support level of $96,000, entering a consolidation range, reaching a low near $94,000 before a slight rebound.
The short-term MA5 and MA10 moving averages formed a death cross, but the overall trend of MA30 remains bullish, indicating that the mid-term trend has not completely turned bearish, but the short-term may continue to pull back to seek support.
Current Technical Structure
Short Cycle (1-hour Chart):
The MA moving average system is still under pressure, with MA5 crossing below MA10 and moving away from the price, indicating significant rebound pressure.
Trading volume has not seen a significant increase, indicating that bearish strength remains dominant.
Support looks at $94,500; short-term bulls need to hold this key level.
Medium-term Cycle (4-hour Chart):
Strong resistance above is at $96,800; after a significant spike and drop yesterday, this resistance has not been effectively breached.
Support below is at $94,000-$94,300; if it breaks down, it will open up further downside space.
The KDJ indicator has currently entered the oversold area, increasing demand for a rebound.
Long-term Cycle (Daily Chart):
The daily bullish trend has not been completely broken, but the MACD red bars are shortening, indicating weakening momentum, making short-term consolidation more likely.
Today’s Trend Prediction
Based on K-line patterns and technical indicator analysis, BTC may consolidate in the $94,000-$96,000 range in the short term, with possible movements and key levels as follows:
First Support Level: $94,500
Short-term bulls need to hold this position; a drop below will test the support level of $93,500.
Second Support Level: $94,000
This position is a key support level recently; if it breaks again, it may accelerate a pullback to $92,000.
Resistance Level: $96,000
Short-term bull targets need to break this position; if it holds effectively, it will hit $96,800-$97,000 again.
Stop-loss level: Below $93,500
If BTC loses this level today, it indicates that bears are further controlling the situation, and quick stop-loss actions are needed.
Operation Suggestions
Short-term Strategy
Aggressive Investor
Suggested Range: Enter light long positions near $94,500-$94,700, targeting $96,000, with a stop-loss set below $93,500.
If it rebounds to $96,000 without a volume breakthrough, consider reducing positions at a high.
Steady Investor
Suggested Range: After confirming support at $94,000, enter positions in batches, focusing on resistance at $96,000. If it breaks through, follow up to target $96,800; if it falls back below $94,000, it’s advisable to wait and see.
Medium-term Strategy
Currently, BTC is still in a consolidation range; it’s advisable to wait for clearer trend signals before entering positions, focusing on the break above $96,000 and below $94,000.
BTC is likely to maintain a range-bound consolidation today, focusing on the contest around the key points of $94,000-$96,000. Technical indicators show short-term rebound demand, but upward pressure is significant. For operations, steady investors are advised to patiently wait for effective support before entering, while aggressive investors may try light longs.
Direction Suggestion: Lean towards a consolidation rebound, but closely monitor volume and key support.
Watch level: $94,000; holding this level may lead to a rebound to $96,000; otherwise, a deep pullback may occur.
Market conditions are unpredictable, and opportunities are fleeting. Closely monitor every subtle change to seize your opportunities, so you can remain undefeated amid market fluctuations. Today, are you ready? Let’s look forward to the exciting developments in the market!
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