Will Bitcoin have a deep pullback to 80,000 this week? Or will it consolidate to give altcoins a chance to explode?
Bitcoin: Trend is positive, but a short-term pullback may occur.
In last week's weekly and daily performance, Bitcoin closed another bullish candle, forming a three-candle bullish streak, indicating its overall upward trend on the weekly chart. Even if a pullback occurs this week, it will not damage the overall structure on the weekly chart.
On the daily chart, a consecutive four days of small bullish candles or consolidation phase shows market hesitation. The divergence signal and pullback possibility on the four-hour chart clearly show the top structure and divergence trend, indicating that Bitcoin may face resistance at the round figure of 100,000 USD, leading to a pullback or consolidation. It is important to note that if it pulls back to the range of 87,000-80,000 USD, it could fill the previous gap, which is not good news for altcoin holders, so they should be mentally prepared.
In the daily chart, a consecutive four days of small bullish candles or consolidation phase shows market hesitation. The divergence signal and pullback possibility on the four-hour chart clearly show the top structure and divergence trend, indicating that Bitcoin may face resistance at the round figure of 100,000 USD, leading to a pullback or consolidation. It is important to note that if it pulls back to the range of 87,000-80,000 USD, it could fill the previous gap, which is not good news for altcoin holders, so they should be mentally prepared.
The current short-term key point is that the four-hour level candles have formed a Morning Star structure. If it can close above 97,500 USD, the risk of a significant drop in the short term may be temporarily alleviated. If it continues to consolidate, Bitcoin may adjust within the range, providing space for other market trends.
Source: Investment Insight
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